Strategy Reports $21 Billion in Bitcoin Unrealized Gains in Q3

According to ChainCatcher, Michael Saylor, founder and executive chairman of Strategy (formerly MicroStrategy), a Nasdaq-listed Bitcoin treasury company, stated that driven by the rise in Bitcoin’s price, the company recorded a $21 billion unrealized gain on its digital assets in the third quarter, returning to profitability. As of October 4, the company held 848,000 Bitcoin, valued at approximately $72.6 billion at current prices, along with $5.7 billion in U.S. dollar assets. Last week, the company spent $28.7 million to acquire an additional 334 Bitcoin and repurchased $176 million in STRC preferred shares. Bitcoin’s price rose over 40% during the third quarter, marking its best quarterly performance in years, with a recent price of approximately $85,655 and an 8% increase over the past 30 days. Following the announcement, Strategy’s stock (MSTR) rose nearly 2% during trading hours in New York. Previously, Strategy announced a plan to occasionally sell Bitcoin to raise up to $1.25 billion for U.S. dollar reserves, paying dividends and interest on preferred shares, or repurchases—after which its Bitcoin acquisition pace slowed. The company was forced to sell Bitcoin earlier this year; CEO Phong Le told investors that the company maintains a “bulletproof balance sheet.” In its July quarterly earnings report, Strategy reported an $8.22 billion loss.