MicroStrategy Transforms into Bitcoin Development Firm, While Peter Thiel Invests in BTC and ETH

By: Eliza Bennet

The enterprise software enterprise MicroStrategy is pivoting into a Bitcoin development firm, after realizing considerable success with the leading digital asset. Their recent move signifies a shift in focus towards supporting the growth of the Bitcoin network and enlarging their Bitcoin holdings.

Michael Saylor, the firm's executive chairman, equated MicroStrategy's new direction to that of real estate or petroleum developers. Owing to their BTC strategy's success, they have emerged as the largest public company in terms of Bitcoin holdings.

Notably, the firm's unrealized profit on its BTC investment has skyrocketed to around $3.5 billion, given Bitcoin's recent surge beyond $50,000. The company's total BTC holdings have reached 190,000 BTC, purchased at an average cost of $31,224 per BTC, aggregating to a total expenditure of $5.93 billion. This move has also significantly boosted the firm's stock performance.

Similarly, co-founder of PayPal, Peter Thiel, has reportedly invested $200 million in Bitcoin and Ethereum, before the ongoing bull run, as per a source. The investment was evenly divided between the two cryptocurrencies.