- MicroStrategy bought more Bitcoin in October, adding to its stash of over 158k coins, despite Bitcoin’s price volatility and Q3 losses for the company.
- MicroStrategy posted a $143 million net loss in Q3, though revenue was up 33% to $130 million. The loss was due to impairment charges on its Bitcoin holdings.
- MicroStrategy remains committed to acquiring more Bitcoin, believing institutional adoption will continue to grow and lead to further price appreciation.
MicroStrategy, led by Bitcoin bull Michael Saylor, purchased more Bitcoin in October. This comes as the price of Bitcoin surged during the month, nearly hitting $35,000 at one point. However, MicroStrategy also posted a large net loss in Q3 despite growing revenue.
MicroStrategy’s Recent Bitcoin Purchases
In October, MicroStrategy bought 155 more Bitcoins for $53 million, according to Saylor. This adds to the company’s stash, which now totals 158,400 Bitcoin. Between August 1st and September 24th, MicroStrategy had already purchased 5,445 Bitcoins for $147.3 million at an average price of $27,053 per coin.
Bitcoin’s Price Performance in October
Bitcoin’s price rocketed higher in October, fueled by excitement around a potential Bitcoin spot ETF approval. The price of Bitcoin reached nearly $35,000, providing quick gains for MicroStrategy’s recently acquired coins.
MicroStrategy’s Q3 Earnings Results
While MicroStrategy’s revenue rose 33% to $130 million in Q3, it posted a net loss of $143.4 million for the quarter. This loss was attributed to impairment charges on its Bitcoin holdings due to tax valuation adjustments.
MicroStrategy Remains Committed to Bitcoin
Despite the Q3 loss, MicroStrategy says its commitment to buying and holding Bitcoin remains strong, especially with growing institutional adoption. The company has added over 6,000 Bitcoins to its corporate treasury so far in Q3, at an average price of $27,531 per coin.
Conclusion
MicroStrategy continues to buy Bitcoin at a rapid pace, even as it posts losses related to its existing Bitcoin holdings. The company remains dedicated to its Bitcoin acquisition strategy, betting that further institutional adoption could lead to additional price appreciation.
