In the year 2024 so far, the technology company MicroStrategy has achieved significant gains through its investments in Bitcoin. The firm, known for its pro-Bitcoin stance, reached over $800 million in profits, highlighting its role as one of the largest corporate investors in the leading cryptocurrency.
Data from Bitcoin Treasuries confirms that MicroStrategy has accumulated almost nine figures in gains with Bitcoin this year. The company, owner of the world’s largest corporate Bitcoin treasury, maintained its position with the latest update of its holdings on December 27, 2023, which now amount to 189,150 BTC. As of January 9, 2024, this portfolio is valued at approximately $8.832 billion, reflecting an increase of $840 million since the beginning of the year.
A particularly impressive milestone in MicroStrategy’s gains occurred on January 8 when the price of Bitcoin experienced a $3,000 surge in a single day. On that day, the company managed to obtain around $600 million in returns. This event highlights the significant impact that the current bullish trend in the price of BTC has had on the company’s finances.
The History of Bitcoin and MicroStrategy
MicroStrategy’s investment history in BTC dates back to August 2020 when the cryptocurrency was trading just above $10,000. Since then, the company has continued to increase its position, with the most recent acquisition of 14,620 BTC. With this latest purchase, the average cost per coin is $31,168.
Despite substantial gains in the cryptocurrency realm, MicroStrategy faced challenges in the stock market. The price of its shares experienced a 15% decrease year-to-date, according to data from Cointelegraph Markets Pro and TradingView. However, MicroStrategy’s CEO, Michael Saylor, continues to endorse the company as an attractive option for BTC-focused investors.
Saylor, who personally owns more than 17,000 BTC, recently carried out a stock sale worth approximately $216 million. This sale, part of a pre-established plan, aims to further increase Saylor’s personal exposure to BTC. Despite the emergence of Bitcoin exchange-traded funds (ETFs), Saylor considers MicroStrategy’s stocks to remain a solid choice for those investors focused on the flagship cryptocurrency.