Record Bitcoin Prices Propel Strategy To First Profit In Six Quarters

Strategy, a crypto firm and the largest corporate holder of Bitcoin, has reported its first profit in six quarters, driven by a surge in cryptocurrency values. The company's profit comes as the market's largest cryptocurrencies, including Bitcoin, recover from previous price corrections. As of June 30, Strategy held 597,325 BTC, purchased at an average price of $70,982 per coin, resulting in a staggering $14 billion unrealized fair value gain. The company posted a net profit of $9.97 billion, or $32.60 per share, marking a stark contrast to the previous year's loss of $102.6 million. This profit signals a shift in the company's financial strategy, reflecting broader corporate acceptance of cryptocurrencies. Strategy began its Bitcoin accumulation in 2020 and has increasingly ramped up its acquisition efforts through new initiatives this year. The company's stock, MSTR, has surged nearly 39% this year, outpacing Bitcoin's own 25% increase. Strategy's co-founder Michael Saylor believes the digital asset industry is entering a "hyper-growth, hyper-adoption phase" for Bitcoin as a treasury reserve asset. The company's success has inspired other public companies to adopt similar strategies, emulating the buy-and-hold treasury approach championed by Saylor. Strategy is now ranked first among the top 100 public Bitcoin treasury companies, with its stock earning a place in the Nasdaq 100 index in December.