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MicroStrategy’s Bitcoin (<a href="https://cryptoslate.com/coins/bitcoin/">BTC</a>) investment is now in the green, boasting over $110 million in unrealized profits after the flagship asset jumped above $30,000 earlier today, according to CryptoSlate’s data. 
Saylortracker, a dedicated platform for monitoring MicroStrategy’s BTC holdings, confirms that BTC’s current value surpasses the firm’s average purchase price. 
<a href="https://saylortracker.com/">Data</a> from the website shows that MicroStrategy had acquired its 158,245 Bitcoin bag at an aggregate purchase price of $4.83 billion and an average of $29,870.14 per coin. 
With the top cryptocurrency trading for $30,493 as of press time, the company is profiting more than $600 on each BTC as its holdings are now worth $4.84 billion. 
Over the years, MicroStrategy has consistently expanded its holdings, with its most <a href="https://cryptoslate.com/microstrategy-adds-to-bitcoin-stockpile-bringing-value-of-holdings-to-4-6b/">recent purchase</a> being the acquisition of &nbsp;5,455 units between Aug. 1 and Sept. 24. The company holds 14 times more BTC than the closest public company, Marathon Digital, according to <a href="https://bitcointreasuries.net/">data</a> from Bitcoin Treasuries. 
Michael Saylor, the business intelligence company’s chairman, remains a vocal proponent of BTC. On Oct. 21, he shared <a href="https://x.com/saylor/status/1715503855964758153?s=20">data</a> showing that BTC has outperformed traditional assets like gold, Nasdaq, Silver, and bonds since MicroStrategy adopted the Bitcoin strategy in 2020. 
<figure id="attachment_367190" aria-describedby="caption-attachment-367190" style="width: 100%" class="wp-caption aligncenter">
 <img class="size-full wp-image-367190" src="https://cryptoslate.com/wp-content/uploads/2023/10/F86xqnWXcAAewTk.png" alt="MicroStrategy Bitcoin" width="1200" height="672" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/F86xqnWXcAAewTk.png 1200w, https://cryptoslate.com/wp-content/uploads/2023/10/F86xqnWXcAAewTk-300x168.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/F86xqnWXcAAewTk-1024x573.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/F86xqnWXcAAewTk-768x430.png 768w" sizes="(max-width: 1200px) 100vw, 1200px">
 <figcaption id="caption-attachment-367190" class="wp-caption-text">
 Bitcoin vs Traditional Assets Returns. (Source: Michael Saylor/X)
 </figcaption>
</figure> 
Meanwhile, MicroStrategy’s MSTR stock is also performing well, rising by 1.62% to $353.67 at pre-market trading, according to Tradingview <a href="https://www.tradingview.com/symbols/NASDAQ-MSTR/">data</a>. The asset has recorded an impressive year-to-date increase of 138.92%. 
<h2 id="etf-buzz-keeps-btc-rising">ETF buzz keeps BTC rising</h2> 
Bitcoin’s recent price surge is closely tied to growing interest in spot-based Exchange-Traded Funds (ETFs) in the United States. 
The leading cryptocurrency rallied past $30,000 just last week following <a href="https://cryptoslate.com/contradictory-news-of-potential-greenlit-blackrock-bitcoin-etf-shoots-btc-to-30k-and-back/">erroneous reports</a> that the Securities and Exchange Commission (SEC) had given the green light to BlackRock’s ETF proposal. 
Market analysts <a href="https://cryptoslate.com/crypto-community-debates-if-fake-approval-news-can-hurt-bitcoin-etf-chances/">view</a> this reaction as a clear indication of investor optimism for ETF approval. According to <a href="https://cryptoslate.com/blackrock-spot-bitcoin-etf-approval-could-catapult-btc-to-56000-matrixport/">insights</a> from crypto research firm Matrixport, Bitcoin’s value could surpass $50,000 if the SEC approves an ETF application. 
The post <a rel="nofollow" href="https://cryptoslate.com/bitcoin-recent-rally-pushes-microstrategy-into-over-110m-in-paper-profit/">Bitcoin recent rally pushes MicroStrategy into over $110M in paper profit</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Bitcoin recent rally pushes MicroStrategy into over $110M in paper profit

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