Is MicroStrategy a Bitcoin proxy?

In late 2020, MicroStrategy became the first publicly traded company in the US to buy and hold bitcoin as part of its balance sheet. Since then, the business intelligence software maker has accumulated around 124,391 bitcoins worth about $5.2 billion at current prices, according to Bitcoin Treasuries.20 Oca 2022

While the rapid skid of crypto value has caused panic on social media and Wall Street, billionaire Michael Saylor seems to have kept his cool. He won’t sell his bitcoin.

The loss appears largely due to MicroStrategy’s (ticker: MSTR) inclusion of impairment losses on its Bitcoin , amounting to $147 million. That more than wiped out the company’s $110.5 million gross profit from its software business. The shares were down 0.8% in after-hours trading to around $370.

As of Dec. 29, MicroStrategy held about 124,391 bitcoins purchased at an average price of $30,159. Bitcoin is currently trading about $47,500, valuing the trove at $5.9 billion. The company has a market cap of $6.1 billion, according to Bloomberg data.

Publicly traded companies that hold bitcoin CompanyTotal bitcoinBitcoin gains/lossesMicroStrategy121,044.00 121,044$845 million $845 millionTesla48,000.00 48,000$252 million $252 millionGalaxy Digital16,402.00 16,402$465 million $465 millionSquare8,027.00 8,027$73 million $73 millionThe biggest corporate holder of bitcoin is not Square or Tesla – Quartz qz.com › the-biggest-corporate-holder-of-bitcoin-is-not-square-or-tesla