MicroStrategy buys Bitcoin Worth $900 mn
Driven by hope for the possible approval of spot Bitcoin exchange-traded funds (ETFs), business intelligence firm MicroStrategy has recorded a paper gain of $900 million on its stack of 158,400 Bitcoin.
According to MicroStrategy’s Nov. 1 results report, the Michael Saylor-founded company has added 6,067 BTC since the third quarter, including an additional 155 in October.
Phong Le, CEO of MicroStrategy, stated that the company will not be abandoning its Bitcoin approach anytime soon.
“We are still fully committed to acquiring and holding bitcoin, especially in light of the encouraging outlook for possible growth in institutional adoption.”
Revenue for the company rose 3% annually to $129.5 million during the quarter, but it wasn’t enough to make the company profitable; a $143.4 million net loss was reported.
MicroStrategy capitalized on this downward period, buying the 6,067 BTC for an average price of $27,590.
(With inputs from Shikha Singh)
You need to login in order to Like
