MicroStrategy’s Bitcoin holdings turned profitable after BTC rallied above its average purchase price of $75,385.
MicroStrategy reported unrealized gains of $1.4 billion on its Bitcoin holdings as BTC traded near $77,000. The company holds 840,447 BTC, acquired at an average price of $75,385, now valued at $64.97 billion.
The gains reverse a $13 billion unrealized loss in July when Bitcoin fell to $58,000. BTC remains below its October peak of $126,000, but the rally pushed MicroStrategy’s position into positive territory for the first time in months.
MicroStrategy shares rose 10% in pre-market trading to $120, their highest level in two months. The company recently adjusted its strategy, selling 6,948 BTC for $432.5 million since May to repurchase preferred stock and raise additional capital.