MicroStrategy’s Bitcoin bag is up $900M amid BTC price surge
Business intelligence firm MicroStrategy has notched a paper gain of $900 million on its stack of 158,400 Bitcoin, spurred by optimism over the potential approval of spot Bitcoin exchange-traded funds.
The Michael Saylor-founded firm added 6,067 Bitcoin (BTC) since the third quarter, including another 155 in October, according to MicroStrategy’s Nov. 1 results filing.
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
MicroStrategy’s CEO Phong Le said the firm isn’t shying away from its Bitcoin strategy any time soon.
The firm revenue increased 3% year-on-year to $129.5 million over the quarter, however it wasn’t enough to keep the firm out of the red, recording a net loss of $143.4 million.
Digital asset impairment losses and income taxes attributed to $33.6 million $109.6 million of the total net losses, the firm noted.
While Bitcoin’s price has surged again of late, BTC fell 11.5% from $30,480 to $26,970 during the third quarter (July 1 to Sept. 30).
MicroStrategy capitalized on this downward period, buying the 6,067 BTC for an average price of $27,590.
The firm is also confident with where its artificial intelligence-integrated business analytics products are situated, with its software licenses and subscription services increasing 16% and 28% year-over-year.
Related: MicroStrategy returns to profit and now owns $4.4B worth of Bitcoin
“We believe MicroStrategy is well situated to capitalize on both the tailwinds in bitcoin and growth in our BI business,” Le said.
Microstrategy just reported their
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