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- 1 Bitcoin hit the much awaited price level of $42,000 and the other cryptocurrencies followed along.
- 2 Coinbase, a leading crypto exchange, witnessed a rise of 5% in its stock price.
The flagship cryptocurrency Bitcoin (BTC) recently saw a tremendous high in the past several days. Bitcoin hit the much awaited price level of $42,000 and the other cryptocurrencies followed along. In addition to the global crypto market, the entities linked with the market and those with BTC holdings are also reflecting on the recent rally.
Coinbase stock price saw an uptick, MicroStrategy stock also jumped given the company’s Bitcoin investment turned immensely profitable, El Salvador BTC holdings are also in profit, and so on.
The stock price of leading United States cryptocurrency exchange Coinbase (NASDAQ: COIN) saw over 5% increase in the daily time frame. The crypto exchange, due to its position in the market, stands at the forefront to benefit from positive moves in cryptocurrency prices. At the press time, COIN stock was trading at $141.
MicroStrategy’s Bitcoin Holdings Surpass $7.3 Billion
Business intelligence firm MicroStrategy (MSTR) is reaping the rewards of its strategic bitcoin (BTC) investments, enjoying over a $2 Billion profit as the cryptocurrency surged past $42,000. MicroStrategy’s most recent bitcoin acquisitions in November brought its total holdings to 174,530 BTC, acquired for $5.28 Billion, with an average price of $30,252 each.
These purchases began in August 2020, spearheaded by the company’s CEO and executive chairman, Michael Saylor, known for his consistently bullish stance on Bitcoin.
As of November 30, the value of MicroStrategy’s Bitcoin holdings soared to approximately $7.3 Billion after BTC’s price reached $42,000. Despite a slight pullback to $41,700 at press time, MicroStrategy is sitting on a substantial profit.
El Salvador’s bold move to make bitcoin legal tender alongside the U.S. dollar is proving fruitful, with President Nayib Bukele defending the nation’s decision amid skepticism. El Salvador has periodically added bitcoin to its reserves since September 2021.
Although the country’s bitcoin portfolio is valued at approximately $131 million, President Bukele proudly declared on X (formerly Twitter), “El Salvador’s bitcoin investments are in the black.” He emphasized that selling their bitcoin holdings at the current market price would not only recover 100% of the initial investment but also generate a profit, indicating a gain of about $3.6 Million with the recent upswing in Bitcoin’s price.
These success stories underscore the growing influence of Bitcoin as both corporations and sovereign nations leverage its potential for financial growth. MicroStrategy’s substantial profit highlights the strategic advantage of integrating BTC into corporate reserves, while El Salvador’s positive returns challenge the skeptics and showcase the viability of embracing cryptocurrencies at a national level.
As these entities continue to navigate the dynamic crypto landscape, their experiences contribute to shaping broader discussions on the role of digital assets in traditional finance.
Bitcoin price is surging higher on the optimism waves triggered after exchange-traded funds (ETFs) potential approval by the Securities and Exchange Commission (SEC). Though there is no clear indication of approval anytime soon, the entities have filed for spot Bitcoin ETFs in significant numbers.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
