Bitcoin had a terrific quarter—up over 68% since the start of the year—and that’s led software giant MicroStrategy to double down on its crypto bet just as the company’s initial investment closes in on profitability. 

The software company today announced it had bought another 1,045 coins, or $29.3 million into the asset. Now, MicroStrategy has spent a total of $4.1 billion on the world’s biggest cryptocurrency—making it the public company with the largest stash of Satoshis in the world. 

Its long-term bet on the cryptocurrency is close to becoming profitable after the asset had wild price swings since 2020: its 140,000 BTC were bought at an average price of $29,803 per coin—meaning that if the asset jumps in value by 6%, or $1,780.91, the company will have made a profit. 

The latest buy comes as Bitcoin has a great start to 2023: it is currently trading for $27,958 per coin, according to CoinGecko data. At the start of the year it was priced at $16,615. 

But despite soaring in value this year, Bitcoin is still down 60% from the all-time high of $69,044 it touched in November 2021. 

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Author: Mathew Di Salvo

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