Mainstream business intelligence firm MicroStrategy has made several headlines in recent days for its $425 million Bitcoin investment. However, the firm lost more than $100 million on its investment in the last 24 hours.
MicroStrategy started its Bitcoin campaign by investing almost $183 million in the digital asset in August. Just a month later, the business intelligence behemoth additionally poured over $175 million into the asset, bringing the total numbers to 38,250 BTC, worth $425 million.
Michael Saylor, CEO of MicroStrategy, is entirely bullish on Bitcoin, depicting the largest cryptocurrency as “digital gold.” While MicroStrategy announced its initial investment in the asset, Saylor said Bitcoin’s “global acceptance, brand recognition, ecosystem vitality, network dominance, architectural resilience, technical utility, and community ethos” seemed like a convincing sign for Bitcoin’s promise.
Bitcoin Price Fall Affected Investors
MicroStrategy witnessed a loss following the Bitcoin fresh lows, which resulted in major damage to some of the bigger Bitcoin investors. After falling over 14%, the Bitcoin price crashed to $16,581 from $19,389, a massive blow in the last 24 hours.
Despite the recent downturn, MicroStrategy investment is still producing value. As the firm acquired BTC around $11,000, with Bitcoin’s current price, $17,300, MicroStrategy Bitcoin investment is still nearly $6,300 more profitable. In other words, millions of dollars are still in MicroStrategy’s pocket from its Bitcoin investments. With a net gain of over $230 million, the firm’s Bitcoin is worth $664 million at the time of reporting.