MicroStrategy Remains Bitcoin's Biggest Corporate Backer Despite Underwater Holdings in 2022 Crash
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Michael Saylor's company MicroStrategy has bought over 158,000 bitcoins for $4.7 billion, making it the largest institutional bitcoin holder.
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MicroStrategy's bitcoin holdings were deeply underwater in 2022 when prices crashed, but have now turned profitable again as bitcoin rebounded in 2023.
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Saylor has been one of bitcoin's biggest supporters, making over 30 separate bitcoin purchases for MicroStrategy since 2020.
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MicroStrategy sold some bitcoin for the first time in December 2022 when prices were low.
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The company may raise more funds to buy even more bitcoin, continuing its strategy of accumulating large bitcoin holdings.