MicroStrategy is currently sitting on unrealized profits of over $30 million from its Bitcoin bet.

The company’s massive investment in Bitcoin has finally begun to yield results as it generated some paper profits for the firm after the asset saw its price trade above $30,000 for the first time since June 2022.

In the summer of 2020, the business intelligence giant started its accumulation spree, as it spent around $4.17 billion to purchase a stash of 140,000 BTC. At the time of this writing, the investment is finally in profits, at least on paper.

The recent surge in Bitcoin’s price beyond the milestone of $30K was a welcome development appreciated by many entities and individuals who during the market decline in the past several months, increased their exposure.

MicroStrategy – the Michael Saylor-founded business is one of such organization, the business intelligence giant is also the biggest corporate holder of Bitcoin.

Having 140,000 BTC in its stash, as at the last purchase which occurred in the previous week as the company bought 1,045 BTC spending close to $30 million. The firm distributed a whopping $4.17 billion to accumulate its holdings at an average price of $29,803 between August 2020 and early April 2023.

And despite its price fluctuations in 2022, the FTX meltdown, and, the severe decline during the Terra crash, the company remained bullish on the asset. After bitcoin plunged following the LUNA/UST collapse, MicroStrategy sat on almost $320 million of unrealized loss in the aftermath. However, Executive Chairman Saylor remained unfazed, as he said: “The bitcoin price is set by those with more money and less knowledge than you. In time, they will get the knowledge, and you will get the money.”

MicroStrategy’s patience has now been rewarded as Bitcoin’s recent spike above $30,000, gave the company approximately $30 million of unrealized profit.

Featured Image Source: NewsBTC