Business intelligence company %MicroStrategy (MSTR) has seen the profit on its massive holding of %Bitcoin ($BTC) grow to $2 billion U.S. as the current rally in %Cryptocurrencies gathers steam.
Bitcoin’s price is currently hovering just below $42,000 U.S., up more than 150% this year and at its highest level since May 2022.
The rally has proven to be a windfall for MicroStrategy, whose Executive Chairman Michael Saylor directed the company to start purchasing Bitcoin in August 2020.
MicroStrategy has continued buying Bitcoin for more than three years, with its most recent purchase occurring on Nov. 30.
The company currently owns 174,530 Bitcoin that it bought for $5.28 billion U.S. for an average price per digital token of $30,252 U.S.
With Bitcoin now at $42,000 U.S., MicroStrategy has a profit of more than $2 billion U.S.
At its bottom during the 2022 bear market, Bitcoin traded at just under $16,000 U.S., putting MicroStrategy’s investment in the cryptocurrency deep in the red.
However, Michael Saylor continued to add to MicroStrategy’s position in Bitcoin, funding purchases with a mixture of debt and equity issuance.
Now it looks as though the big gamble on Bitcoin is paying off for MicroStrategy, whose stock is up 288% this year and currently trading at $563.22 U.S. per share.