Software firm MicroStrategy, the largest corporate holder of bitcoin, added to its holdings once again, purchasing 3,000 bitcoins between Feb. 15 and Feb. 25 for around $155.4 million in cash, or about $51,813 per bitcoin, according to a new filing on Monday with the U.S. Securities and Exchange Commission.
As of Feb. 25, MicroStrategy and its subsidiaries held approximately 193,000 bitcoins acquired at an aggregate purchase price of $6.09 billion and an average purchase price of approximately $31,544 per bitcoin. At the current bitcoin price of $52,644, MicroStrategy’s holdings are worth just over $10 billion for an unrealized profit of roughly $4.1 billion.
MicroStrategy reported fourth-quarter earnings earlier this month and recorded a $39.2 million impairment charge due to a decline in value for some of its bitcoin holdings, which totaled 190,000 at the end of the period. Part of the problem came down to accounting. A new accounting rule will allow companies to record unrealized gains, instead of just the losses, on their digital assets. However, companies have until 2025 to make the change, and MicroStrategy hasn’t done so yet.
Founded in 1989, the Michael Saylor-led MicroStrategy started to acquire bitcoin in August 2020 for its corporate treasury. MicroStrategy shares started a steady climb late last year as market optimism surrounding regulatory approval for the first spot bitcoin exchange-traded funds (ETFs) drove BTC higher. Shares then sank after the ETFs came on the market on Jan. 11 but have since started to rally again.
Read more: Should You Sell MicroStrategy Now That Spot Bitcoin ETFs Are Available?
MicroStrategy shares were up 14% to $785.25 on Monday morning.
