MicroStrategy has increased its bitcoin reserves to 158,400 BTC.
09.11.2023
MicroStrategy has increased its bitcoin reserves to 158,400 BTC.

In October, the company MicroStrategy purchased 155 BTC for $5.3 million and increased the volume of its reserves in the first cryptocurrency to 158,400 BTC (~$5.6 billion).

According to MicroStrategy's third-quarter financial report, the total volume of digital gold purchases for the period amounted to 6,067 BTC at an average price of $27,531.

"Our commitment to acquiring and holding bitcoin remains solid, especially against the promising backdrop of potential mass adoption [of cryptocurrency]. While we continue to strengthen our balance sheet, the operational results of the third quarter and the growth in total revenues reflect the strength of our software business and establish a base for benefiting in the Business Intelligence software segment for AI," said CFO Andrew Kang.

MicroStrategy founder Michael Saylor noted that since the company's decision to invest in the first cryptocurrency on August 10, 2020, its shares have increased by 242%. Bitcoin quotes over this period have increased by 192%, while the shares of tech giants like Google or Apple have only seen a double-digit percentage increase.

At the end of the third quarter, MicroStrategy reported a 3.3% annual increase in total revenues to $129.5 million.

The company's other income decreased to $17.6 million or by 14.9%.

The company reported a net loss of $143.4 million for the period. The negative figure is partly due to a 36% increase in operating expenses to $128 million. The figure included a "paper" devaluation of digital assets of $33.6 million.

According to BitcoinTreasuries, the potential profit from the company's position in bitcoin is about $0.9 billion.

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