Strategy, the largest corporate holder of bitcoin, reported its first profit in six quarters, benefiting from a strong quarter for cryptocurrencies. U.S. President Trump signing the GENIUS Act into law boosted bitcoin past $120,000, with Strategy holding 597,325 bitcoins at an average cost of $70,982 and recording a $14 billion unrealized gain.

Strategy’s net profit for the quarter was $9.97 billion, compared to a loss a year earlier. The company began buying bitcoin with cash in 2020 and has seen its shares rise nearly 39% this year, outpacing bitcoin’s climb. Founder Michael Saylor’s buy-and-hold approach has inspired other companies to pivot to crypto assets.

“We’re in a hyper-growth, hyper-adoption phase for bitcoin as a treasury reserve asset,” said Saylor. Some companies are now turning to smaller tokens like ether, listing through mergers with blank-check vehicles to incorporate crypto assets into equity. Strategy’s stock surged nearly fivefold last year, earning a spot in the Nasdaq 100 index.

Read more at Yahoo Finance: Saylor’s Strategy swings to quarterly profit as treasury strategy gains momentum