Bitcoin ETF

Bitcoin

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MicroStrategy <a href="https://bitcoinist.com/microstrategy-expands-bitcoin-purchases-3000-btc/" rel="nofollow">recently revealed</a> that they had acquired an additional 3,000 BTC this month, bringing its Bitcoin holdings to 193,000 BTC. Interestingly, BTC’s <a href="https://bitcoinist.com/bitcoin-price-rise-above-57000/" rel="nofollow">recent price surge</a> caused these holdings to cross the $10 billion mark, with the software company currently sitting on a tremendous amount of unrealized profits.&nbsp; 
<h2 id="microstrategy-s-unrealized-profit-reaches-5-billion">MicroStrategy’s Unrealized Profit Reaches $5 Billion</h2> 
As disclosed in the company’s <a href="https://www.microstrategy.com/press/microstrategy-acquires-additional-3000-bitcoins-and-now-holds-193000-btc_02-26-2024" rel="nofollow">filing</a> with the <a href="https://www.newsbtc.com/crypto/sec-announcement-crypto/#:~:text=What%20The%20SEC's%20Latest%20Announcement%20Means%20For%20The%20Crypto%20Industry,-by%20Scott%20Matherson&amp;text=A%20recent%20announcement%20by%20the,actions%20have%20had%20on%20it.">Securities and Exchange Commission</a> (SEC), its BTC holdings have now been purchased for an average price of $31,544. That means that MicroStrategy’s Bitcoin investment is now at an unrealized profit of almost $5 billion, considering Bitcoin is trading just above $57,000.&nbsp; 
MicroStrategy’s ‘Bitcoin strategy,’ spearheaded by its co-founder <a href="https://bitcoinist.com/michael-saylor-warns-public-on-rampant-scams/" rel="nofollow">Michael Saylor</a>, began as far back as 2020 when the company started investing in the flagship crypto token. Saylor saw this as a way to <a href="https://bitcoinist.com/economist-us-dollar-bitcoin/" rel="nofollow">hedge against inflation</a> and diversify the company’s cash reserves. Since then, Saylor and his company have continued to accumulate Bitcoin aggressively.&nbsp; 
<a href="https://www.newsbtc.com/news/bitcoin/michael-saylor-bitcoin-1-million/?noamp=mobile">Saylor’s faith in Bitcoin</a> was tested when the company’s investment was at an unrealized loss during the height of the crypto winter when BTC traded below the $30,000 price level. Despite that, Saylor and MicroStrategy stayed true to their Bitcoin Strategy. Instead of selling, they saw it as an opportunity to <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-whales-buying-spree/">accumulate more BTC</a>. 
Saylor also recently made it clear that he and his company have no intention of liquidating their BTC holdings anytime soon, <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-btc-sees-accumulation/">stating</a> that “Bitcoin is the exit strategy.” This sentiment undoubtedly provides a bullish narrative for the flagship crypto, especially considering what could happen to the market if the company offloads its Bitcoin.&nbsp; 
MicroStrategy is currently the largest corporate holder of BTC and is leading the charge as <a href="https://www.newsbtc.com/news/bitcoin/institutional-buyers-of-bitcoin/">institutional demand for BTC</a>&nbsp;continues to increase. This demand has mainly come from the Spot Bitcoin ETFs, which together hold more BTC than MicroStrategy combined.&nbsp; 
<h2 id="spot-bitcoin-etfs-trading-volume-surpass-2-billion-again">Spot Bitcoin ETFs Trading Volume Surpass $2 Billion Again</h2> 
Bloomberg analyst Eric Balchunas <a href="https://x.com/EricBalchunas/status/1762589798827458693?s=20" rel="nofollow">revealed</a> that the newly listed Bitcoin ETFs once again surpassed the $2 billion mark on February 27. This was the second consecutive day they achieved this, <a href="https://bitcoinist.com/bitcoin-price-rise-above-57000/" rel="nofollow">having recorded</a> an all-time high of $2.4 billion in trading volume on February 26. Specifically, the world’s largest asset manager, BlackRock, seems to be having a run of its own.&nbsp; 
Balchunas noted that <a href="https://bitcoinist.com/blackrock-bitcoin-etf-now-at-1-6-billion/" rel="nofollow">BlackRock</a> had broken its record again, with the <a href="https://bitcoinist.com/blackrock-seeded-bitcoin-spot-etf/" rel="nofollow">iShares Bitcoin ETF (IBIT)</a> recording a trading volume of $1.3 billion on February 27. The impressive demand for these funds is believed to be another reason why BTC’s price has continued to rally.&nbsp; 
At the time of writing, Bitcoin is trading at around $57,100, up in the last 24 hours, according to <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="nofollow">data</a> from CoinMarketCap.&nbsp;&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/xld6ruOn/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1530">

MicroStrategy’s Bitcoin Holdings Balloons Above $10 Billion, Here’s How Much Profit It Has Made

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