Microstrategy’s Bitcoin Bag Has Grown by $900 Million Due to the Rise in BTC Prices
Michael Saylor, the founder of MicroStrategy, has purchased 6,067 Bitcoins since the beginning of the third quarter.
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Business intelligence firm MicroStrategy reported a $900,000,000 profit on its 158,400 Bitcoins, fueled by optimism surrounding the Bitcoin Spot Exchange Traded Fund Approval. According to MicroStrategy’s Nov. 1 earnings report, the company founded by Michael Saylor added 6,067 Bitcoins (BTC) over the past three quarters, including 155 more in October. MicroStrategy CEO Phong Le stated that the company will not abandon its Bitcoin strategy anytime soon.
Our commitment to buying and owning Bitcoin is strong, especially given the potential for increased institutional adoption.
Although the company’s revenue rose 3% to $129.5 million last year, it wasn’t enough to prevent a loss of $143.4 million. The company said digital asset impairments and taxes contributed $33.6 million to its total net losses of $109.6 million.
Bitcoin’s recent price increase was accompanied by an 11.5% decline in BTC from $30,480 to $26,970. This happened in the third quarter (July 1 to September 30). MicroStrategy took advantage of this period and purchased 6,067 BTC at an average price of $27,590.
The company is also confident about where its artificial intelligence-integrated business analytics products stand, as its software licenses and subscription services increased 16% and 28%, respectively, year-over-year.
We believe MicroStrategy will be well positioned to benefit from both Bitcoin tailwinds and the growth of its BI business benefit,” explained Le. Google Finance reports that MicroStrategy ( MSTR shares are up 2.7% in after-hours trading at $438. Hall of Flame: Wolf Of All Streets is worried about a Bitcoin world that has $1 million Dollar reached
