Business intelligence firm Microstrategy has seen its Bitcoin portfolio more than double as the asset’s price hit $65,000 on Monday. The value of its wallet has now reached $12.68 billion, a 106.68% increment from its $6.13 billion capital.
Microstrategy bought 3,000 BTC late in February, moving its total holdings to 193,000 bitcoins. The Bitcoin maximalist firm acquired its entire portfolio at an average dollar cost of $31,780.83.
Diamond Hands
Microstrategy is the public company with the biggest Bitcoin exposure. Since its first acquisition in September 2020, the firm has periodically stacked up the biggest crypto asset. It has gone about this business despite FUDs during market downturns and months of unrealized losses.
Aside from a single sale in December 2022, the Michael Saylor-owned firm has fervently held on to its Bitcoin portfolio. The data firm is not looking to relinquish any of the bitcoins, as Saylor once noted in an interview that Microstrategy will continue to buy them forever.
Microstrategy’s Stock up Too
Microstrategy’s stock has also gained bullish momentum, coinciding with Bitcoin’s rally. The stock has broken above $1,000 per share and has soared over 50% year-to-date, outperforming the S&P 500 and Dow Jones.
The rally with Bitcoin is expected as the asset holds significant value in its balance sheet. Saylor noted in February that Microstrategy was now “a Bitcoin development company, in the same way as you see a real estate development company” since the majority of the firm’s enterprise value is based upon Bitcoin-related activities.
