Microstrategy Raises Almost $1B From Bitcoin By 2024
Bitcoin (BTC) American software technology company MicroStrategy will earn more than $800 million by 2024.
Data from the statistical data source Bitcoin Treasuries confirms that the pioneering corporate investor has made nearly nine figures on BTC this year.
Microstrategy and Bitcoin: $600 million in one day
The ongoing BTC price recovery is especially exciting for MicroStrategy, the world's largest corporate bitcoin treasury holder.
Last completed on December 27, 2023, the company's reserves now total 189,150 BTC. As of January 9, that value is nearly $8.832 billion — up from $840 million on January 1.
The impressive year-to-date gains are just one example of the return of microstrategy Bitcoin.
On January 8 alone, when BTC/USD saw a daily candle of $3,000, the firm received most of its 2024 returns – around $600 million.
In the year When Bitcoin was first bought in August 2020, the largest cryptocurrency traded above $10,000. After its latest gain of 14,620 BTC, the cost base became $31,168 per coin.
As Cointelegraph reported last week, MicroStrategy CEO Michael Saylor himself is personally enjoying more than 17,000 BTC from a similarly successful investment.
If Bitcoin continues to climb, Saylor could soon become the world's richest man – but he'll need more than $1 million worth of BTC to beat current leader Elon Musk.
Despite the high BTC price, MSTR is seeing headwinds
A curious contrast comes in the form of MicroStrategy stock, which is down more than 15% year-to-date, according to data from Cointelegraph Markets Pro and TradingView.
Related: This Bitcoin ‘bull cross' is about to hit for the first time since 2016.
Last week, a $216 million sale revealed the company's options, saying Saylor plans to use the liquid to further increase its own BTC exposure.
As the new year began, MSTR posted returns from stocks, gold and Bitcoin itself to X (formerly Twitter), with the former outperforming.
“Bitcoin gave them a micro-strategy this year,” he summarized in accompanying comments.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
