Cryptocurrencies
MicroStrategy’s Losses on Its Bitcoin Bet Near $1 Billion
- Founder Michael Saylor began buying Bitcoin in August 2020
- Software firm may need to to pledge additional funds on loan
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MicroStrategy Inc. founder and Chief Executive Officer Michael Saylor’s big bet on Bitcoin has backfired in a major way as the paper loss for his firm’s holdings of the largest digital asset has reached roughly $1 billion.
Over the last two years the software-maker has shelled out $3.97 billion as it amassed nearly 130,000 Bitcoins. The firm’s average purchase price for those tokens has steadily risen with each additional purchase since 2020 and sits at $30,700 as of March 31, according to its latest quarterly filing with the US Securities and Exchange Commission.