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
— Michael Saylor⚡️ (@saylor) November 1, 2023
MicroStrategy’s CEO Phong Le said the firm isn’t shying away from its Bitcoin strategy any time soon.
“Our commitment to acquire and hold bitcoin remains strong, especially with the promising backdrop of potential increased institutional adoption.”
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 licens
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Author: Brayden Lindrea
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