According to Blockworks, MicroStrategy has seen significant gains in its stock price, outperforming Bitcoin at the start of the year. The company's stock has tripled Bitcoin's performance, leading to substantial profits for its executives. Executive Chair and former CEO Michael Saylor has been a key figure in these developments, selling hundreds of millions of dollars in stock. Saylor, who owns $1 billion in Bitcoin, sold 400,000 shares between January and April, generating $410.8 million. This represents nearly half of all cash brought in by MicroStrategy insider stock sales since before the dot-com bubble.

Other company insiders also benefited during the last bull market, selling nearly $215 million in shares between October 2020 and November 2021. During this period, Bitcoin's price surged from $11,000 to nearly $69,000, and MicroStrategy's stock rallied from $165 to almost $900. If sold today, those shares would have netted $588 million. Saylor, however, waited until the current bull market to sell his shares, benefiting from higher share prices.

MicroStrategy's stock rallied up to 180% between January and March, while Bitcoin managed a 60% increase. The company's Q4 2023 earnings release in February marked a significant point, with a 136% increase in net income, a 138% boost in net profit margin, and a 78% rise in operating income year-on-year. Despite missing quarterly revenue expectations, the market has responded positively to MicroStrategy's substantial Bitcoin purchases. The company has spent about $2.42 billion on 37,350 BTC this year, bringing its total Bitcoin holdings to 226,500 BTC, worth $13.74 billion. This represents a 65% increase in value, equal to $5.4 billion.

MicroStrategy's impressive returns on its Bitcoin investments have overshadowed its lackluster earnings this year. The company's Bitcoin purchases have yielded two-thirds returns over four years, comparable to the S&P 500's performance over the same period. However, the company reported a $3.905 billion debt on its balance sheet at the end of June, which tempers these gains. Despite this, MicroStrategy's stock price remains strong.