MicroStrategy Profit Grows to $6.1B As a Bitcoin Crosses $63,000

MicroStrategy, the business intelligence software firm grows its profit to $6.1B as bitcoin rises into a new high trend crossing the $63K margin. Additionally, they recently announced the acquisition of 7,420 BTC for approximately $458.2 million, further bolstering its Bitcoin treasury.

Moreover, the acquisition brings MicroStrategy’s total Bitcoin holdings to a staggering 252,220 BTC, representing a total investment of $9.9 billion at an average price of $39,266 per BTC.

Additionally, the latest move has propelled MicroStrategy’s unrealized profit on its Bitcoin holdings to nearly $6 billion, highlighting the substantial gains the company has realized since embarking on its Bitcoin acquisition strategy.

Notably, this surge in profit comes amidst a period of market volatility, demonstrating the resilience of MicroStrategy’s investment strategy.

MicroStrategy Reveals Its BTC Quarterly Yield

The firm’s commitment to Bitcoin is further exemplified by its impressive quarterly and year-to-date returns.

As of September 19, 2024, MicroStrategy reported a Bitcoin yield of 5.1% quarter-to-date and a remarkable 17.8% year-to-date. The exceptional performance further underscores the potential of Bitcoin as a valuable asset class and reinforces MicroStrategy’s leadership in the field.

However, MicroStrategy’s recent acquisition follows a pattern of aggressive Bitcoin purchases. Just one week prior, the firm revealed a significant acquisition of 18,300 BTC, totaling approximately $1.11 billion at an average price of $60,408 per BTC.

Nonetheless, this move further cemented MicroStrategy’s status as the publicly-listed company with the largest Bitcoin holdings, with a substantial 226,275 BTC lead over its closest competitor, Marathon Digital.

$1 Billion Cash for Further Acquisitions

The company’s acquisition spree extends back to the second quarter of 2024, when MicroStrategy added 12,222 BTC to its treasury, spending over $805 million.

MicroStrategy’s unwavering dedication to acquiring Bitcoin remains steadfast, as evidenced by its recent declaration of a $700 million convertible senior notes issuance, with the goal of significantly bolstering its Bitcoin holdings. This offering has now surged past $1 billion, underscoring MicroStrategy’s intensified commitment to Bitcoin.

MicroStrategy will unquestionably direct the entire $1 billion toward additional Bitcoin purchases, although it is uncertain whether they will make the acquisitions in a single transaction.

Notably, this move could push MicroStrategy’s total Bitcoin holdings past the 270,000 BTC mark and increase its US dollar-denominated investment in Bitcoin to nearly $11 billion, solidifying its position as a major player in the Bitcoin market.