MicroStrategy, the largest corporate owner of bitcoin, holds more than $10 billion worth of the cryptocurrency as of Thursday morning .
MicroStrategy’s Q4 2023 financial results presentation, released on February 6, shows that the company made a profit of more than $4 billion on its bitcoin holdings, while the cryptocurrency’s recent growth continues.
A presentation made at the end of January indicated that MicroStrategy held 190,000 bitcoins for a total of $5.93 billion or $31,224 per token.
MicroStrategy has increased its holdings every quarter since it began buying bitcoin in the second quarter of 2020. By December 2023, the company had accumulated nearly $2 billion in profits. However, since the beginning of 2024, bitcoin’s exchange rate has risen more than 20 percent, making that number double.
On Thursday morning, Bitcoin rose to $52,800, raising the value of MicroStrategy’s shares to just over $10 billion. Since then, the price has experienced a slight decline and currently stands at $52,072 at the time of this writing.
MicroStrategy founder and CEO Michael Saylor revealed in January that the company had acquired an additional 850 bitcoin for $37.2 million.
Bitcoin’s price has skyrocketed over the past month after well-known financial institutions such as BlackRock and Fidelity launched ETFs on Bitcoin.
Saylor said recently that the listing of Bitcoin ETFs is pushing up the price of the token. He noted that after a decade of subdued demand for the retail-available bitcoin product, the introduction of ETFs has created a significant imbalance in supply and demand.
In an interview with CNBC , he said: “The demand for bitcoin going into these ETFs is ten times greater than the supply from the natural sellers, which are the miners.”
He says bitcoin is currently in demand because it remains “uncorrelated to traditional risky assets” and is unrelated to country, company, quarterly performance or product cycles.
