While the recent purchase has brought the company’s total holdings to 849,327 $BTC, worth about $65.9 billion, up from the 848,516 $BTC it held the previous week, Strategy’s Bitcoin holdings are rapidly expanding.
As such, the world’s largest Bitcoin corporate holding firm has continued to sit on massive unrealized gains despite Bitcoin’s mixed price action.
Although Bitcoin’s price action has remained weak, it is still trading above the average purchase price of each Bitcoin owned by Strategy at over $77,000. As such, the company has been able to generate substantial unrealized profits of over $919 million as of November 3.
What happens if Bitcoin moons in November?
While Strategy has continued to win on its relentless Bitcoin bets even at a time when the market is facing extreme volatility, market watchers are already asking the bigger question about how much gain the company could secure if Bitcoin eventually recovers this month.
With Strategy already sitting on over $919 million in profit when Bitcoin is trading around $77,000, the firm is poised to hit multi-billion profits later this month if Bitcoin reclaims support around $80,000.
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