Software company MicroStrategy has announced that it has purchased another 6,067 Bitcoin for $167 million since the end of Q2 2023—bringing its total holdings to 158,400 Bitcoin for a total cost of $4.69 billion, or $29,586 per coin. This includes the acquisition of an additional 155 Bitcoin for $5.3 million in October, as revealed by MicroStrategy’s chairman Michael Saylor. In its third-quarter earnings report, MicroStrategy showed a 3.3% increase in revenue to $130 million. However, the company posted a net loss of $143.4 million—a tally substantially worse than its net loss of $27 million in the same period last year. MicroStrategy first bought the cryptocurrency in August 2020 and currently holds approximately 0.75% of Bitcoin’s circulating supply, according to Bitcoin Treasuries. MicroStrategy’s stock was trading around $426 at the closing bell on Wednesday, up 29% over the past month.
This news shows that MicroStrategy is continuing to invest heavily in Bitcoin, despite posting a net loss in its third-quarter earnings report. They are optimistic about the long-term prospects of Bitcoin, and are likely hoping that its increasing institutional adoption will lead to a rise in value. MicroStrategy’s stock is up 29% over the past month, indicating that investors are also optimistic about the company’s strategy. This could be good news for the cryptocurrency market, as the company’s increased investments could help to drive up the value of Bitcoin.
You can read more about this topic here: Decrypt: MicroStrategy Buys More Bitcoin as Q3 Loss Widens