Enterprise software firm MicroStrategy is sitting on over 100% gains on its Bitcoin (BTC) holdings as the value of the stash crosses the $24 billion mark.

Michael Saylor’s MicroStrategy is currently holding 279,420 BTC worth $24.45 billion, according to Bitcoin Treasuries.

Data shows that the firm’s average cost per Bitcoin stands at $42,692, translating to gains of close to 105%.

Bitcoin is trading at $87,669 at time of writing, up over 7% in the past day.

The new data comes as Saylor, the firm’s co-founder and chairman, announced that MicroStrategy recently added tens of thousands of BTC to its stash.

“MicroStrategy has acquired 27,200 BTC for ~$2.03 billion at ~$74,463 per Bitcoin and has achieved a BTC yield of 7.3% quarter to date and 26.4% year to date.” 

News of the firm’s latest Bitcoin purchase was foreshadowed by MicroStrategy president and CEO Phong Le, who said late last month that the firm planned to raise more funds to boost its Bitcoin holdings.

“Our focus remains to increase value generated to our shareholders by leveraging the digital transformation of capital…. As a Bitcoin Treasury Company, we plan to use the additional capital to buy more Bitcoin as a treasury reserve asset in a manner that will allow us to achieve higher BTC Yield.”

Meanwhile earlier this month, Saylor said some of MicroStrategy’s Bitcoin “principles” include buying and holding “BTC indefinitely, exclusively, securely” while promoting the global adoption of the crypto king as a treasury reserve asset.

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Author: Mark Emem

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