The world's largest Bitcoin treasury firm, chaired by Michael Saylor, Strategy is winning on its consistent Bitcoin bets even at a time when the broader crypto market continues to struggle amid prolonged volatility.
While the firm had just added another 811 BTC worth about $65.5 million to its fast-expanding Bitcoin stash during a market dip in the final week of October, it has further tilted its holdings a little higher.
Saylor's Bitcoin bet is paying off
Latest data from Arkham Intelligence shows that Strategy's unrealized profits are rapidly approaching a $1 billion milestone, especially after its latest $65 million Bitcoin purchase during the last week.
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.