MicroStrategy’s (MSTR) Bitcoin ( BTC ) buying spree has earned more than $17 billion in unrealized profits, according to data from MSTR Tracker.

Originally a software company, MicroStrategy has bought upward of $23 billion worth of BTC since 2020 as part of founder Michael Saylor’s unconventional corporate treasury strategy, according to MSTR Tracker, a Microstrategy database.

Those buys paid off. On Dec. 4, the price of BTC surpassed $100,000 per coin for the first time in history, and MicroStrategy’s BTC treasury is now worth more than $40 billion, the data shows.

MicroStrategy's Bitcoin buys clock $17B profit image 0

Source: MSTR Tracker

Related: MicroStrategy’s $42B Bitcoin bet is bullish for shareholders — Analyst

Top performing stock

MicroStrategy’s stock has performed even more strongly than BTC’s spot price. In the year-to-date, MSTR shares are up more than 475%, outpacing virtually every stock in the SP 500, according to data from Google Finance and Slickcharts .

As of Dec. 5, MSTR touted a total market capitalization of approximately $92 billion, a more than 2x premium to the value of the company’s underlying BTC holdings.

Analysts say the stock is set for further gains as MicroStrategy’s buying spree accelerates. The company holds around 400,000 BTC as of Dec. 5, according to MSTR Tracker.

On Nov. 25, Benchmark fintech analyst Mark Palmer told Cointelegraph he raised his price target for MSTR from $450 to $650 per share. The stock currently trades at around $394 per share, according to Google Finance.

MicroStrategy's Bitcoin buys clock $17B profit image 1

Source: MicroStrategy

More Bitcoin buys

During its Aug. 1 earnings call, MicroStrategy doubled down on BTC buying by committing to a unique performance metric: Bitcoin yield .

Bitcoin yield measures the ratio of BTC holdings to outstanding shares and effectively sets BTC-per-share as a lodestar for corporate performance.

On Oct. 30, the company tipped plans to raise $21 billion in equity and another $21 billion in debt to fund a three-year, multibillion-dollar BTC buying spree dubbed the “21/21 Plan.”

MicroStrategy’s “controversial strategy has attracted many detractors, [but] its dramatic impact on the company’s share price has provided ample justification, as its stock has outperformed those of almost every large company in the US during the past four-plus years,” Palmer said.

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