MicroStrategy Bitcoin Profits Top $3 Billion As Firm Led By Michael Saylor Now Holds More Than 1% Of BTC's Supply

MicroStrategy Bitcoin Profits Top $3 Billion As Firm Led By Michael Saylor Now Holds More Than 1% Of BTC’s Supply

Updated: 12 February 2024

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MicroStrategy, the business intelligence firm founded by Bitcoin bull Michael Saylor, has seen its bet on the leading cryptocurrency payoff as the company’s unrealized profits blast past $3 billion.

The company holds 190,000 BTC valued at more than $9 billion at the current price. MicroStrategy now owns more than 1% of the leading crypto’s current circulating supply of around 18.6 million.

MicroStrategy Has Been Actively Accumulating BTC Since 2020

MicroStrategy started investing in BTC in 2020 when the crypto was starting to attract the attention of institutional investors. Since making its first purchase of approximately $250 million worth of Bitcoin in August 2020, the firm has steadily topped up its holdings.

A recent disclosure shows that MicroStrategy acquired its holdings for a total cost of $5.93 billion, which is around $31,224 per BTC coin.

The company revealed in its fourth quarter earnings call on Feb. 6 that it purchased another 850 BTC last month.

Saylor Maintains A Long-Term Bullish Outlook On BTC

Saylor has said that the company is committed to the long-term success of Bitcoin. As such, the company has no intention of sellings its holdings anytime soon. He also believes that 2024 will be a pivotal year for BTC.

#Bitcoin is Timeless. pic.twitter.com/Y8ZXXg7hhd

— Michael Saylor⚡️ (@saylor) February 6, 2024

“2024 is the year of the birth of Bitcoin as an institutional-grade asset class,” said Saylor in the earnings call. “It’s the first new asset class of the modern era. The next 15 years will be a regulated, institutional, high growth period for Bitcoin, very different from the last 15 years.”

MicroStrategy’s chief financial officer, Andrew Kang, revealed in the earnings call that the company bought a total of 56,650 BTC in 2023 at an average price of $33,580. This means that with BTC trading at $47,887 as of 6:25 am EST, the company’s profit on BTC for 2023 alone was more than $810K.