Friday, November 8, 2024
Home > News > Cryptocurrency Market > MicroStrategy Deepens Bitcoin Strategy With Massive October Purchase

MicroStrategy Deepens Bitcoin Strategy With Massive October Purchase

MicroStrategy, courtesy of its former CEO and co-founder Michael Saylor, has continued its aggressive accumulation of the flagship cryptocurrency, Bitcoin, with the company’s latest purchase coming in October, according to Saylor himself.  

MicroStrategy Acquired An Additional 155 BTC In October

In a post shared on his X (formerly Twitter) platform, Saylor mentioned that his company acquired this amount of BTC for $5.3 million and now holds 158,400 BTC. The businessman made this comment while sharing the company’s third-quarter 2023 financial results.

The release also affirmed Saylor’s revelation as it gave a detailed analysis of its BTC holdings and the company’s unwavering commitment to continue stacking up the digital asset. The company notably stacked up a total of 6,067 BTC since the end of Q2 2023 for $167.0 million or at $27,531 per token. 

These figures instantaneously raise the presumption that Microstartegy’s Bitcoin investment strategy is currently in profit. This presumption is also backed by the fact that the company further went on to mention that it holds 158,400 BTC, which it acquired at a total cost of $4.69 billion, or $29,586 per token. 

It is worth mentioning that the company recorded a 3% increase year-on-year in its total revenue, which in part could be thanks to its Bitcoin venture, as the company’s CEO Phong Le suggested. He mentioned that his company is “well situated to capitalize on both the tailwinds in Bitcoin and growth in our BI business.” 

BTC recovers | Source: BTCUSD on Tradingview.com

MicroStrategy’s Commitment To Bitcoin Remains Strong

Commenting on the company’s Bitcoin purchases, MicroStrategy’s Chief Financial Officer (CFO) Andrew Kang mentioned that their commitment to acquire and hold Bitcoin “remains strong,”, especially with the increased possibility of a wave of institutional adoption happening soon with prominent asset managers like BlackRock moving to offer a Spot Bitcoin ETF.  

The company’s “Bitcoin Strategy” has also positively influenced the company’s outlook, with many (especially crypto natives) having an affinity to the company because of its crypto ties. These ties to BTC also seem to have had an effect on the company’s stocks. 

As Saylor highlighted in an X post, MicroStrategy’s MSTR stocks have seen about a 242% increase since the company incorporated Bitcoin into its balance sheets. This period, which dates back to August 2020, has seen the company’s stock perform better than major stocks like that of Apple and Google. MSTR has even performed better than Bitcoin itself in that period. 

On a personal level, Saylor continues to be one of the major advocates of the flagship cryptocurrency and recently shared a Bitcoin-related X post with the caption “Join the Race. #Bitcoin” in what seems to be him urging his followers to get bullish on the crypto token.

Featured image from Shutterstock, chart from Tradingview.com

Source