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The Michael Saylor-led software firm has made $132 million in unrealized profits from its Bitcoin bet. MicroStrategy's Bitcoin (BTC) holdings have turned profitable for the first time since July this year as the BTC price has broken through above $30,000. MicroStrategy up $132M in paper profits As of Oct. 23, MicroStrategy held 158,245 BTC worth $4.847 billion, up about $132 million from the original amount invested — at an average rate of 29,870 per BTC. In other words, the firm is now up at least $130 per coin. MicroStrategy Bitcoin holdings as of Oct. 23. Source: BlockchainCenter.Net MicroStrategy started buying Bitcoin in 2020. The firm ramped up purchases in 2023 as BTC's price recovered from extreme losses caused by the Federal Reserve's rate hike policy and high-profile crypto bankruptcies and implosions. In September 2023, MicroStrategy acquired 5,444 BTC by raising an equivalent amount of capital, mirroring the approach that saw the firm buying approximately 12,33...

The atmosphere is charged in the US crypto arena, heightened by SEC Chair Gary Gensler’s seeming determination to rein in crypto businesses. MicroStrategy Inc’s co-founder and executive chairman Michael Saylor recently spoke to Bloomberg, commenting on this dynamic while painting an optimistic future for bitcoin . Since 2020, MicroStrategy has posited bitcoin (BTC) as the singular institutional-grade, investable asset in the crypto space. This globally recognized and acknowledged digital commodity has dwarfed other crypto contenders from Saylor’s perspective. Given the regulatory climate, Saylor articulates that the authorities lack a legitimate forward path for other cryptocurrencies, including stablecoins, crypto securities, and crypto derivatives.  The landscape appears to narrow down to a bitcoin -centric industry, as regulators lean towards crypto exchanges trading and holding only pure digital commodities such as bitcoin . You might also like: Rece...