- MicroStrategy owned 158,400 Bitcoin worth $4.69 billion as of October 31.
- Bitcoin was trading at $35,350 at the time of writing.
Virginia-based business intelligence company MicroStrategy purchased 155 Bitcoin [BTC] for $5.3 million in October, chairman and founder Michael Saylor posted on X.
In October, @MicroStrategy acquired another 155 BTC for $5.3 million and now owns 158,400 BTC. Join us at 5:00 PM ET as we discuss our third quarter 2023 financial results and answer questions about the outlook for #BusinessIntelligence And #Bitcoin. $MSTR https://t.co/w7eRUcGobi
— Michael Saylor⚡️ (@saylor) November 1, 2023
It seems the company decided to hoard more BTC during a bull run as the price reached the $35,000 mark.
Andrew Kang, Chief Financial Officer of MicroStrategy, said:
“Our commitment to acquiring and holding bitcoin remains strong, especially with the promising backdrop of potential increased institutional adoption.”
MicroStrategy has been optimistic about the king coin for years. In fact, the company has added 6,067 Bitcoin to its portfolio for $167 million since July 2023 – during much of this period, the crypto market witnessed a harsh winter. The purchase amounted to $27,531 per BTC during this period.
The company owns 158,400 BTC acquired for $4.69 billion or $29,586 per Bitcoin, as of October 31.
BTC was trading at $35,350 at the time of writing.
MicroStrategy posted a net loss of $143.4 million
The firm revealed its Bitcoin portfolio as part of its Q3 2023 financial results. According to the results, total revenues reached $129.5 million, up 3% year-over-year. But it posted a net loss of $143.4 million during the quarter.
The third quarter results had no significant impact on the performance of MicroStrategy’s stock on Nasdaq. MSTR was trading at $426.28 at the time of writing.
Source: MSTR, Nasdaq
Bitcoin whales are making a splash
MicroStrategy purchased Bitcoin purchased $250 million worth of tokens for the first time in 2020. It is the largest public Bitcoin whale, with Tesla and Marathon Digital Holdings following closely behind.
Let’s take a look at the crypto investment activities of other major institutions over the past quarter.
Elon Musk’s car company Tesla did not buy or sell any digital assets in the third quarter. It was the fifth consecutive quarter with no changes in digital asset investments. Marathon Digital Holdings too not made all transactions in his Bitcoin holdings lately.
According to Bitcoin Treasuries, MicroStrategy, Tesla, Marathon Digital, Coinbase and Hut 8 Are the top five publicly traded Bitcoin holders.
Among them, Marathon Digital and Hut 8 are leading crypto mining companies.
Source: Bitcoin Treasuries
Blockchain analytics firm IntoTheBlock also found that Bitcoin whales added 18,924 BTC worth $650 million to their portfolios in the last week of October.
In the last 7 days, Bitcoin whales have added 18,924 BTC to their portfolios. That’s an impressive $650 million at today’s priceshttps://t.co/TW9Cvy6ToV pic.twitter.com/fxhafTK3U4
— IntoTheBlock (@intotheblock) October 31, 2023