MicroStrategy’s Paper Profit on Bitcoin Surpasses $170M

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As of October 23, as the price of Bitcoin surpassed $30,000, MicroStrategy, a software analytics provider, saw a positive return on their investment in digital gold.

Currently, their unrealized gains stand at $170.7 million. In September, MicroStrategy purchased an additional 5,445 BTC, bringing their total holdings to 158,245 BTC with an average purchase price of $29,582.

For comparison, Tesla’s average purchase price for BTC is around $32,000. The company’s investments in BTC began in March, when they invested $150 million, followed by an additional $347 million in June. In August, MicroStrategy bought 467 BTC for $14.4 million.

The company’s only sale to date was in December 2022, when they sold 704 BTC for an average price of $16,776.

Notably, in May, MicroStrategy supported the FASB proposal for accounting for cryptocurrencies at fair market value on their balance sheet.