1 year ago
MicroStrategy, courtesy of its erstwhile CEO and co-founder Michael Saylor, has continued its assertive accumulation of the flagship cryptocurrency, Bitcoin, with the company’s latest acquisition coming successful October, according to Saylor himself.
MicroStrategy Acquired An Additional 155 BTC In October
In a post shared connected his X (formerly Twitter) platform, Saylor mentioned that his institution acquired this magnitude of BTC for $5.3 cardinal and present holds 158,400 BTC. The businessman made this remark portion sharing the company’s third-quarter 2023 fiscal results.
The release besides affirmed Saylor’s revelation arsenic it gave a elaborate investigation of its BTC holdings and the company’s unwavering committedness to proceed stacking up the integer asset. The institution notably stacked up a full of 6,067 BTC since the extremity of Q2 2023 for $167.0 cardinal oregon astatine $27,531 per token.
These figures instantaneously rise the presumption that Microstartegy’s Bitcoin concern strategy is currently successful profit. This presumption is besides backed by the information that the institution further went connected to notation that it holds 158,400 BTC, which it acquired astatine a full outgo of $4.69 billion, oregon $29,586 per token.
It is worthy mentioning that the institution recorded a 3% summation year-on-year successful its full revenue, which successful portion could beryllium thanks to its Bitcoin venture, arsenic the company’s CEO Phong Le suggested. He mentioned that his institution is “well situated to capitalize connected some the tailwinds successful Bitcoin and maturation successful our BI business.”
MicroStrategy’s Commitment To Bitcoin Remains Strong
Commenting connected the company’s Bitcoin purchases, MicroStrategy’s Chief Financial Officer (CFO) Andrew Kang mentioned that their committedness to get and clasp Bitcoin “remains strong,”, particularly with the accrued anticipation of a question of organization adoption happening soon with salient plus managers similar BlackRock moving to connection a Spot Bitcoin ETF.
The company’s “Bitcoin Strategy” has besides positively influenced the company’s outlook, with galore (especially crypto natives) having an affinity to the institution due to the fact that of its crypto ties. These ties to BTC besides look to person had an effect connected the company’s stocks.
As Saylor highlighted successful an X post, MicroStrategy’s MSTR stocks person seen astir a 242% summation since the institution incorporated Bitcoin into its equilibrium sheets. This period, which dates backmost to August 2020, has seen the company’s banal execute amended than large stocks similar that of Apple and Google. MSTR has adjacent performed amended than Bitcoin itself successful that period.
On a idiosyncratic level, Saylor continues to be 1 of the large advocates of the flagship cryptocurrency and precocious shared a Bitcoin-related X post with the caption “Join the Race. #Bitcoin” successful what seems to beryllium him urging his followers to get bullish connected the crypto token.
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