Paper profit on MicroStrategy’s Bitcoin exceeds $170 million

On October 23, after Bitcoin breached the psychological level of $30,000, the analytics-software provider MicroStrategy moved into profit on its position in digital gold.

As of writing, unrealised profit stood at $170.7 million.

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In September, MicroStrategy also acquired 5,445 BTC.

As a result, the company held 158,245 BTC with an average purchase price of $29,582. By comparison, Tesla’s figure stands at about $32,000.

MicroStrategy has acquired an additional 5,445 BTC for ~$147.3 million at an average price of $27,053 per #bitcoin. As of 9/24/23 @MicroStrategy hodls 158,245 $BTC acquired for ~$4.68 billion at an average price of $29,582 per bitcoin. $MSTR https://t.co/GbJtUoQfXv

— Michael Saylor⚡️ (@saylor) September 25, 2023

In June the software provider disclosed investments in its first cryptocurrency for the second quarter — 12,333 BTC for $347 million. Earlier the company invested $150 million in Bitcoin in March.

In August MicroStrategy also bought 467 BTC for $14.4 million. The firm’s only sale was in December 2022, selling 704 BTC at an average price of $16,776.

In May, the company backed a proposal by FASB, which envisages using fair-value accounting for cryptocurrencies in the balance sheet.