American business intelligence firm MicroStrategy is among the pioneer institutions to convert part of their balance sheet into Bitcoin (BTC), citing the asset’s strong store of value features. However, new data indicates that the company stood a bigger chance of more profits if it had opted for Ethereum (ETH).
In this case, MicroStrategy could have recorded about 108.72% or an additional $3 billion in profits as of November 6 by investing in Ethereum, data by Blockchain Center’s Rohmeo_de indicates.
In particular, as of September 20, 2022, the company had a Bitcoin haul of 130,000 BTC with a market value of $ 2.76 billion by the time of publishing. However, if the amount was invested in Ethereum, it could control about 3,542,000 ETH valued at $ 5.77 billion.
MicroStrategy’s history with Bitcoin
It is worth mentioning that MicroStrategy has accumulated Bitcoin during different phases of market cycles. As reported by Finbold, the company used the ongoing bear market to add more Bitcoin, with former CEO Michael Saylor maintaining that the asset is the ultimate store of value and hedge against inflation alongside being ‘second to none’.
At the same time, MicroStrategy has incurred losses on its Bitcoin investment. During Q2 2002, MSTR reported quarterly revenue of $122.1 million against expectations of $126 million, with a $918.1 million loss. Interestingly, $917.8 million of the losses was attributed to its Bitcoin holdings.
Elsewhere, the company has received criticism for the Bitcoin option, with ‘The Black Swan’ author Nassim Nicholas Taleb mocking Saylor by stating that his exit from the helm of MicroStrategy was another “nail in the coffin” to the company’s skepticism of not selling Bitcoin despite the bear market.
Ethereum’s potential
Based on the profit potential, Ethereum appears to live up to its latest expectation amid intense…
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