MicroStrategy, a major corporate holder of Bitcoin, has seen significant unrealized gains surpassing $100 million in its Bitcoin holdings. Initially criticized for its Bitcoin position when prices were below $16,000, the company’s holdings have turned profitable in just 11 months.
As Bitcoin‘s price crossed $30,000, MicroStrategy’s unrealized gains reached around $174 million, with the company and its subsidiaries holding an average of 158,245 BTC, valued at approximately $4.82 billion.
Their total Bitcoin investment, as per the September regulatory filing, amounted to around $4.68 billion at an average cost of approximately $29,582 per Bitcoin.
MicroStrategy made another notable Bitcoin purchase of $147 million in September, with CEO Michael Saylor emphasizing their goal to accumulate more Bitcoin for shareholders.
With Bitcoin hitting local highs around $31,000 and MicroStrategy’s shares at $348, the future looks promising for the company as it looks ahead to 2024.
Our goal is to accumulate as much Bitcoin as we can on behalf of our shareholders. Given that the MicroStrategy share price was up more than 200% at the time, Saylor mentioned the possibility of selling shares to acquire more Bitcoins.
He outlined their strategy as being leveraged long, offering a yield, not charging a fee, and actively managing their position and acquisitions, utilizing equity, debt, and cash flows to maximize shareholder benefits.
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