Bitcoin’s (BTC) recent rally to a yearly high of more than $37,000 has pushed MicroStrategy‘s multibillion-dollar bet on the flagship digital asset into a whopping profit of more than $1 billion.

The premier cryptocurrency climbed to nearly $38,000 on Thursday, marking its highest point since May 2022. At the time, the crypto market witnessed a significant downturn, hitting a low of approximately $16,500 due to the collapse of Terra’s algorithmic UST stablecoin and the subsequent fallout that affected various crypto firms, including FTX and Celsius.

However, Bitcoin has made a remarkable recovery this year, posting a year-to-date gain of over 100%, largely fueled by growing optimism surrounding the potential approval of a spot BTC exchange-traded fund (ETF).

This price surge has translated into substantial gains for MicroStrategy, with their investment now showing a paper profit of $1.2 billion as of Nov. 9, according to data from BitcoinTreasuries.

Per MicroStrategy’s third-quarter earnings report, the enterprise software company, BTC’s largest public holder, has purchased a total of 158,400 BTC for $4.68 billion as of Sept. 30. The firm further disclosed an average purchase price of $29,586 per coin.

With Bitcoin currently trading at $36,428, the Michael Saylor-led company is enjoying an impressive 23% gain on each of its BTC.

Additionally, the company’s exposure to Bitcoin has also significantly boosted its stock performance, with shares surging around 160% this year, according to Tradingview data.

Michael Saylor

Go to Source to See Full Article
Author: Oluwapelumi Adejumo

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details