The bitcoin (BTC) holdings of MicroStrategy (MSTR) have again turned profitable as prices pushed towards $31,000 on Monday morning.
The company's stash was deeply in the red late in 2022 as bitcoin slumped nearly 80% from its November 2021 peak, but catalysts such as a spot ETF and the upcoming halving event have helped bolster fortunes, leading to a near-doubling in price this year.
Formerly the CEO of MicroStrategy and now its executive chairman, Michael Saylor over the years has become one of bitcoin's most vocal supporters and remains a prolific buyer. His firm has so far sold only once: A 708 bitcoin sale in December 2022, worth $11 million at the time.
The company's most recent publicly known purchases were in the weeks ahead of Sept. 24 of this year when it added 5,445 bitcoins for just under $150 million, or an average price of $27,053 each. That brought MicroStrategy's holdings to 158,245 bitcoins acquired at an aggregate purchase price of roughly $4.68 billion, or an average price of $29,582 each.
At the current price of $30,650, the bitcoin bet is in the green by about $1,000 per coin, for a total gain of roughly $160 million.
The firm's holdings of 158,245 bitcoins is nearly 14 times that of the next nearest institutional holder, data from Bitcoin Treasuries show.
And MicroStrategy might be buying even more. The company in August said it may raise up to $750 million by selling more stock, with plans to use some of the proceeds to purchase bitcoin.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.