MicroStrategy just bought a boatload more Bitcoin – another 7,390 BTC to be exact! This latest purchase cost them roughly $764 million.
Another Bitcoin Acquisition
This is MicroStrategy’s third Bitcoin buy this May alone! While smaller than their $1.34 billion purchase earlier this month, it’s still a significant investment, far exceeding their first May purchase of $180 million.
MicroStrategy’s Bitcoin Holdings
After this purchase, MicroStrategy now owns around 576,230 BTC. Their total investment in Bitcoin is now a staggering $40.18 billion, averaging about $69,726 per coin. Given the current Bitcoin price, that’s a whole lot of profit!
Huge Profits
Analysts are saying MicroStrategy’s Bitcoin holdings are currently sitting on an unrealized profit of a whopping $21.1 billion! Charts show their profits have been consistently positive since late 2023, weathering the crypto market’s ups and downs. As long as the Bitcoin price keeps climbing, their profits should keep growing.
Is the Bitcoin Rally Sustainable?
But will this Bitcoin rally continue? One indicator to watch is the Relative Strength Index (RSI). When the RSI goes above 70, it suggests an asset might be overbought, potentially indicating a price correction. Bitcoin’s RSI recently jumped back into overbought territory, suggesting a potential price drop in the near future.
Bitcoin Price Volatility
Bitcoin’s price has been pretty volatile lately, swinging wildly. It recently hit $105,200. So, while MicroStrategy is currently swimming in profit, the future remains uncertain.
