In what is a testament to the power of the leading crypto, Michael Saylor’s MicroStrategy is nearing $7 billion in profit, driven by its continued Bitcoin investment. Indeed, the firm has embraced a BTC acquisition strategy. Subsequently, the asset’s continued growth has driven the company’s value upward in 2024.
Saylor has remained one of the asset’s most outspoken advocates. The firm most recently purchased another $489 million worth of Bitcoin just a week ago. Moreover, that brings the company’s total BTC holdings to a value above $10 billion, with its strategy paying off massively this year.
Source: Bloomberg
Also Read: Michael Saylor’s MicroStrategy Raises $1B to Buy More Bitcoin
MicroStrategy Nears $7 Billion in Profit as Bitcoin Bet Pays Off Big
2024 has proven to be a monumental year for Bitcoin. The token became the first crypto-based ETF in the United States and reached an all-time high of $73,000 just three months into the year. Although it has had its moments of decline, it has proven to have reached a new level of adoption.
That has meant an incredible amount to those who have remained long-time advocates of the asset. Among them is Michael Saylor, whose MicroStrategy firm is nearing $7 billion in profit amid its continued Bitcoin acquisitions. While the firm holds $10 billion in BTC, it has already raised $1 billion more to increase its stash.
Source: Saylor Tracker
Also Read: Bitcoin: Michael Saylor Says BTC Will Eventually Reach $13M
According to Saylor Tracker, the company is currently at a profit of over $6.8 billion. The strategy that has gotten them to that point has been a simple strategic approach to Bitcoin buying. The firm will buy rather large bulks, but at distinct times. Therefore, its total cost per BTC is relatively low compared to its current $65,000 price.
Whats even more important is that the value should only continue to increase. There are hopes that October could bring ‘Uptober‘ back to BTC. Moreover, Saylor himself has proclaimed his belie that Bitcoin will eventually be priced at more than $1 million. If that comes to fruition, MicroStrategy would be unrivaled in its financial benefit from Bitcoin investments.