Bitcoin (BTC) price rally has seen the value of Microstrategy’s total holdings of the digital asset go up by 100%, as the company has seen the value of its initial haul of 38,250 coins grow to over $1.3 billion from the $425 million spent.
It has been reported that the growth in value of Microstrategy’s digital asset holdings comes on the back of another record-breaking start of the year for Bitcoin.
However, after the recent BTC performances, the value of this Nasdaq listed company’s stock has surged from just under $135 recorded on August 11 to $388.55 by close of trading on December 31.
This has seen Microstrategy’s market capitalization rising from $1.3 billion to $3.6 billion by representing a growth of approximately 187% in less than 6 months.
The report said that Microstrategy initially bought 21,454 BTC on August 11 before adding another 16,796 on September 14 to complete this first round of buying. Since then, the listed firm subsequently increased its BTC holdings to 70,470 coins.
Likewise, in December 2020, Microstrategy had used a total of $1.125 billion to buy the 70,470 coins meaning the firm’s digital asset holdings have now more than doubled in value.
Another Nasdaq listed firm Square Inc, which announced its BTC acquisition in early October, has seen the value of its holdings more than triple in value.
The firm used $50 million to acquire a total of 4,709 coins which are now valued at $160 million.
Thus, the value of Square’s stock has gone up by 18.5% from its October 8 value of $183 to finish the year at $217.
Source: Bitcoin News