Renowned American institution MicroStrategy has reignited another bullish frenzy with its recent decision to expand its portfolio by acquiring additional Bitcoin tokens.
Market intelligence platform Santiment called attention to this development in a recent update on X. Per Santiment’s findings, MicroStrategy’s acquisition of 14,620 BTC, valued at over $615 million, generated renewed excitement in the trading community.Â
It noted that with a current holding exceeding $8 billion, the news of the company’s purchases has spurred another round of bullish trends in the market.
Santiment delved deeper, highlighting historical instances where MicroStrategy’s Bitcoin-focused reports have consistently stirred positive movements in the crypto market.
The analytic resource uncovered a spike in social dominance about Bitcoin when the Bitcoin whale disclosed positive revenue results at the end of the year’s third quarter. Specifically, the firm reported earnings of $129.5 million from its operating business, excluding profit from Bitcoin holdings.
Furthermore, Santiment noted that upon MicroStrategy’s acquisition of 16,130 BTC on November 30, the asset printed 17% gains for holders for the succeeding five days. A similar trend resurfaced on December 27 following the investment of $0.615 billion in Bitcoin.
Specifically, Santiment mentioned Bitcoin briefly rallied above $43,000 following yesterday’s announcement. Meanwhile, Bitcoin seems to be reverting to a downtrend, retreating from its 24-hour peak of $43,770.
MicroStrategy in $2B+ Unrealized Bitcoin Profit
Notably, data from a tracking portal indicates that MicroStrategy’s three-year-long Bitcoin buy spree has yielded a profit of $2,149,980,437 ($2.149 billion) at the time of writing.
Interestingly, the most recent investment announced yesterday has already yielded a return of $8,274,801. This is because the average purchase price was $42,110, while Bitcoin now exchanges hands at above $42,730.
Notably, the renowned Bitcoin whale has expended approximately $5.94 billion to acquire 189,150 BTC since September 2020. The average price per BTC stands at $31,168. This Bitcoin portfolio wields a dollar value of $8,091,080437 at the time of reporting.
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