Bitcoin Enthusiast Michael Saylor Nets $700 Million in Gains as Cryptocurrency and MicroStrategy Surge

This impressive performance can largely be attributed to bitcoin’s recent rally, with the cryptocurrency hitting its highest level since November 2021, reaching approximately $64,000 on Wednesday. Despite a brief setback when Coinbase experienced glitches that caused some users to see zero balances in their accounts, the digital currency has maintained its upward trajectory.
MicroStrategy, recognized for its enterprise software and cloud-based services, has effectively become a proxy for bitcoin due to its substantial holdings in the cryptocurrency. The company announced the acquisition of an additional 3,000 bitcoins for $155 million between February 15 and February 25, bringing its total bitcoin holdings to approximately 193,000 bitcoins valued at close to $12 billion.
MicroStrategy initially unveiled its plans to invest in bitcoin in mid-2020, setting aside $250 million over the next 12 months for “one or more alternative assets,” including digital currencies like bitcoin. At that time, the company’s market cap stood at around $1.1 billion; it has since surged to over $16 billion.
During MicroStrategy’s recent earnings call on February 7, Chief Financial Officer Andrew Kang highlighted the company’s status as “the largest corporate holder of bitcoin in the world” and emphasized its unwavering commitment to its bitcoin acquisition strategy.
As a result of these developments, MicroStrategy’s stock has surged by 52% year-to-date, building on its extraordinary 346% gain in 2023.