MicroStrategy’s October Bitcoin Purchase Grew Stash to…
Major business intelligence company MicroStrategy continues to accumulate more bitcoin, as it just announced an additional 155 BTC purchase for over $5 million in October.
The firm, which remains the largest corporate bitcoin holder in the world, currently holds 158,400 BTC.
MicroStrategy’s former CEO and bitcoin proponent Michael Saylor announced the October purchase on X, stating that the company spent $5.3 million to buy the crypto asset.
In October, @MicroStrategy acquired an additional 155 BTC for $5.3 million and now holds 158,400 BTC. Please join us at 5pm ET as we discuss our Q3 2023 financial results and answer questions about the outlook for #BusinessIntelligence and #Bitcoin. $MSTR https://t.co/w7eRUcGobi
— Michael Saylor⚡️ (@saylor) November 1, 2023
As previously reported by CryptoPotato, the business intelligence company bought 5,445 BTC for $147.3 million at an average price of $27,053.
MicroStrategy revealed in its Q3 earnings report that it had purchased 6,067 bitcoin for $167 million, for an average price of $27,531, since the end of the second quarter. This brought its total bitcoin holdings to 158,400, acquired with $4.69 billion at an average price of $29,568 per BTC.
While MicroStrategy’s total revenue for Q3 2023 was up over 3% at $129.5 million compared to the same period in 2022, the firm recorded some losses.
According to its earnings report, the company’s net loss in Q3 2023 was $143.4 million, which included a digital asset impairment loss of approximately $34 million. The results reflect worse figures compared to Q3 2022, where MicroStrategy recorded a net loss of $27.1 million, with a digital asset impairment loss of $0.7 million.
Despite the results, Chief Financial Officer at MicroStrategy, Andrew Kang, stated that the company will continue accumulating and holding bitcoin.
“Our commitment to acquire and hold bitcoin remains strong, especially with the promising backdrop of potential increased institutional adoption.”
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