The business intelligence company MicroStrategy Inc (NASDAQ:MSTR), is currently sitting on a profit of over $2 billion, thanks to its Bitcoin (CRYPTO: BTC) holdings. This profit surge comes amidst the apex cryptocurrency’s rally above $42,000.

What Happened: MicroStrategy has been accumulating Bitcoin since August 2020, under the stewardship of then-CEO and now Executive Chairman Michael Saylor.

As of November 30, MicroStrategy held a total of 174,530 Bitcoin, purchased for $5.28 billion at an average cost of $30,252 per Bitcoin.

With Bitcoin hitting $42,000 earlier on Monday, the firm’s total holdings shot up to approximately $7.3 billion, yielding a profit of over $2 billion. The price, however, had been slightly reduced to $41,700 during the time of reporting.

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Bitcoin has not touched such highs since April 2022, prior to the Terra ecosystem crash. During the 2022 bear market, Bitcoin had dipped to under $16,000, pushing MicroStrategy’s investment deep into the red. Despite this, Saylor continued to increase the company’s holdings, financing purchases with a combination of debt and equity issuance.

Shares of MicroStrategy were trading approximately 6% higher on Monday.

Why It Matters: In November, MicroStrategy expanded its Bitcoin holdings, adding 16,130 BTC to its treasury. This move earned him praise from billionaire investor and Galaxy Digital CEO Mike Novogratz. Novogratz hailed Saylor as a “legend” for his decision.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.