Bitcoin

Bitcoin’s (<a href="https://cryptoslate.com/coins/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) recent rally to a yearly high of more than $37,000 has pushed <a href="https://cryptoslate.com/companies/microstrategy/" rel="noopener noreferrer nofollow">MicroStrategy</a>‘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 <a href="https://cryptoslate.com/how-the-ust-crash-changed-the-stablecoin-landscape/" rel="noopener noreferrer nofollow">collapse</a> of Terra’s algorithmic UST stablecoin and the subsequent fallout that <a href="https://cryptoslate.com/genesis-crypto-lending-unit-halts-customer-withdrawals/" rel="noopener noreferrer nofollow">affected various crypto firms</a>, including FTX and <a href="https://cryptoslate.com/former-chief-revenue-officer-at-celsius-pleads-guilty-on-four-criminal-charges/" rel="noopener noreferrer nofollow">Celsius</a>.
However, Bitcoin has made a remarkable recovery this year, posting a year-to-date gain of over 100%, largely fueled by growing <a href="https://cryptoslate.com/bloomberg-analysts-point-to-8-day-window-beginning-nov-9-in-which-several-spot-bitcoin-etfs-could-see-approval/" rel="noopener noreferrer nofollow">optimism</a> surrounding the potential approval of a spot BTC exchange-traded fund (ETF).
This price surge has translated into <a href="https://cryptoslate.com/bitcoin-recent-rally-pushes-microstrategy-into-over-110m-in-paper-profit/" rel="noopener noreferrer nofollow">substantial gains</a> for MicroStrategy, with their investment now showing a paper profit of $1.2 billion as of Nov. 9, according to data from <a href="https://bitcointreasuries.net/entities/1" target="_blank" rel="noopener noreferrer nofollow">BitcoinTreasuries</a>.
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 <a href="https://x.com/saylor/status/1715503855964758153?s=20" rel="noopener noreferrer nofollow">significantly boosted</a> its stock performance, with shares surging around 160% this year, according to Tradingview <a href="https://www.tradingview.com/symbols/NASDAQ-MSTR/" rel="noopener noreferrer nofollow">data</a>.
Michael Saylor, MicroStrategy’s executive chair, is a prominent advocate for Bitcoin and has consistently maintained that the top cryptocurrency is a revolutionary monetary network. According to him, Bitcoin’s scarcity and decentralization positions it as a superior long-term investment and a hedge against inflation.
Saylor recently <a href="https://x.com/saylor/status/1720881562936357200?s=20" rel="noopener noreferrer nofollow">said</a>:
<blockquote>
 “Bitcoin&nbsp;offers corporations an innovative strategy to preserve their capital and create shareholder value by leveraging their balance sheets with $BTC, providing an escape from the destructive cycle of expensive acquisitions, buybacks, dividends, &amp; debt.”
</blockquote>
The post <a href="https://cryptoslate.com/microstrategy-up-1-2b-on-its-holdings-as-bitcoin-rallies/" rel="noopener noreferrer nofollow">MicroStrategy up $1.2B on its holdings as Bitcoin rallies</a> appeared first on <a href="https://cryptoslate.com" rel="noopener noreferrer nofollow">CryptoSlate</a>.

MicroStrategy up $1.2B on its holdings as Bitcoin rallies

CryptoSlate

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