MicroStrategy Reaps Over $100M Gain In Its Nearly $5B Bitcoin Investment Following BTC Resurgence

Business intelligence application software vendor MicroStrategy saw a significant gain of over $174 million in its nearly $5 billion Bitcoin holdings when the world's first-ever crypto asset surged and traded above the $30,000 threshold.

Bitcoin's resurgence over the weekend, which continued at the start of the week, allowed MicroStrategy to nullify all of the losses it had incurred when BTC traded at $30,687.28, giving the software vendor's BTC stash a value of $4,856,108,623.6 with around $174,905,033.60 in unrealized profits.

MicroStrategy holds 158,245 BTC acquired for around $4.68 billion at an average price of $29,582 per Bitcoin, as per its filing last month.

"As of Sept. 24, 2023, MicroStrategy, together with its subsidiaries, held an aggregate of approximately 158,245 bitcoins, which were acquired at an aggregate purchase price of approximately $4.68 billion and an average purchase price of approximately $29,582 per bitcoin, inclusive of fees and expenses," the filing read.

The software vendor's current BTC stash solidifies its position as the largest corporate holder of Bitcoin.

BTC has seen a price rally over the past few days not only because of the revived interest of traditional financial institutions and Wall Street giants in applying for spot Bitcoin ETF in the U.S. Securities and Exchange Commission (SEC) but also due to the seemingly positive response of the financial regulator to the filing.

MicroStrategy has strategically invested in the world's largest crypto asset by market capitalization since it started accumulating a few years ago.

Michael Saylor continued investing in Bitcoin despite criticisms. Last year, he stepped down as the company's chief executive officer and became its executive chairman instead — a move that allowed him to focus on MicroStrategy's BTC investment strategy.

Saylor, who co-founded MicroStrategy in 1989, led the tech company to start investing in BTC in 2020. At the time, he said the "investment reflects our belief that Bitcoin, as the world's most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash."

As of 3:33 a.m. ET on Monday, Bitcoin was trading up at $30,748.04, with a 24-hour trading volume that had surged by 27.93% to $16.14 billion. This represented a 2.79% increase in the last 24 hours and a 10.2% spike over the past seven days.

BTC's total circulating supply stands at 19.5 million BTC, and its value has increased by 2.81% to reach a $600.23 billion market cap, according to data from CoinMarketCap.