Minus Staking Possible Yield, Microstrategy's Bitcoin Holdings Now Parallel to Theoretical Ether Returns

After Michael Saylor, Microstrategy's executive chairman, disclosed that the company now holds 226,500 BTC valued at $13.4 billion, it turns out the firm's

Blockchain technology company Microstrategy has announced that it now holds 226,500 BTC, valued at $13.4 billion. This marks a 61% gain in the value of the company's bitcoin holdings.

Earlier this year, blockchaincenter.net's 'There Is No Second Best' index suggested that investing in ether might have been a more profitable choice for Microstrategy, with a potential gain of 71%. However, the gap between the two has narrowed significantly, with an investment in ether now being only 63% higher in value compared to their bitcoin holdings.

At the beginning of December, Microstrategy's bitcoin investment had climbed 30%. At the time, the 'There Is No Second Best' index showed that if the company had opted for ether instead, their gains would have been 71%. But now, ether has seen a large drop in value compared to BTC.

Back in March, Microstrategy (MS) had 174,530 BTC. Now, the company has increased its stash to 226,500 BTC, which is currently valued at $13.4 billion. MS paid $8.353 billion for this stash, which averages out to $36,907 per coin. According to the 'There Is No Second Best' index, if MS had dollar-cost averaged into ether instead of bitcoin, it would have acquired 5,210,397 ETH, which would currently be worth two percentage points more than its BTC investment.

Had MS opted for ETH, the company's stash would be up by about $206 million more than its BTC investment. Moreover, if MS had chosen ETH and staked the asset right away, MS would have 535,672 more ETH, adding an extra $1.39 billion on top of the $206 million profit from simply holding ETH. Instead of holding 226,500 BTC valued at $13.4 billion, MS could be sitting on 5.74 million ETH, which would be worth $14.9 billion today.