MicroStrategy increases its Bitcoin investment by over $200 million as BTC holds $31,000

Khmelnitsky, Ukraine – August 2, 2017: Two symbolic bitcoin coins on hundred dollar banknotes. Exchange bitcoin cash for a dollar.

MicroStrategy has been the most consistent company when it comes to bitcoin investing, and the company has continued to increase its holdings over the past two years. As the crypto winter sparked by the collapse of LUNA and then the FTX bust ravaged the crypto sector, MicroStrategy saw its BTC investments remain underwater for a long time. But now the company is seeing better days as its stockpile is back in the green.

MicroStrategy makes over $200 million in profits

MicroStrategy is by far the publicly traded company with the largest BTC holdings, and its steadfast belief in the digital asset is finally starting to pay off. Data from the Bitcoin Treasuries website shows that the company currently holds a total of 152,333 BTC, costing it a total of $4.52 billion.

Currently, MicroStrategy’s total Bitcoin investment is $4.728 billion, which means the company is already making over $200 million in profit. This comes as BTC surpassed the $31,000 mark, rising above the average cost price for the company’s purchases.

The company, which began buying BTC back in 2020, made one of its most significant purchases in June when it bought 12,333 BTC at an average price of $28,136, for a total value of $347 million. This recent purchase brought the average price of the company’s BTC holdings down to $29,668, putting the company in a profitable position after Bitcoin’s price rally.

BTC fails to hold $31,000 | Source: BTCUSD on TradingView.com

Other companies invest in bitcoin

MicroStrategy isn’t the only company that has recognized Bitcoin’s potential and attempted to capitalize on its projected growth. However, no other company has delved as deeply into the matter as the company. Because of this, MicroStrategy holds more than double the total BTC held by the top 10 BTC-holding companies.

Marathon Digital Holdings, a bitcoin mining company, has the second largest stash with 12,232 BTC generated through its mining activities over the years. The next largest company to hold BTC is Elon Must-led Tesla, which currently holds 9,720 BTC after selling around 75% of its total holdings.

MicroStrategy holds more BTC than the combined holdings of the other top 20 companies | Source: Bitcoin Treasuries

Third, fourth, and fifth are miners Hut 8 Mining Corp., Block Inc. led by former Twitter CEO Jack Dorsey, and bitcoin miner Riot Blockchain Inc. with 8,388 BTC, 8,027 BTC, and 6,974 BTC, respectively.

Crypto exchange Coinbase holds 4,488 BTC, Galaxy Digital holds 4,000 BTC, Bitcoin Group SE holds 3,589 BTC, Hive Blockchain holds 2,351 BTC, and Argo Blockchain holds 2,317 BTC. Combined, these 10 companies hold a total of 62,020 BTC, less than half of what MicroStrategy holds.

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