MicroStrategy, courtesy of former CEO and co-founder Michael Saylorhas its aggressive accumulation of the flagship cryptocurrency, Bitcoinwith the company’s latest purchase taking place in October, according to Saylor himself.
MicroStrategy acquired another 155 BTC in October
In a after Saylor, shared on his X platform (formerly Twitter), said his company acquired this amount of BTC for $5.3 million and now owns 158,400 BTC. The businessman made this comment while sharing the company’s third quarter 2023 financial results.
The Edition also confirmed Saylor’s revelation as he provided a detailed analysis of it BTC shares and the company’s continued commitment to continue accumulating digital assets. The company has collected a total of 6,067 BTC since the end of the second quarter of 2023 for $167.0 million or $27,531 per token.
These numbers immediately raise suspicions that Microstartegy’s Bitcoin investment strategy is currently profit. This suspicion is also supported by the fact that the company further stated that it owns 158,400 BTC, which it acquired for a total of $4.69 billion, or $29,586 per token.
It’s worth noting that the company posted a 3% increase in its total revenue year-over-year, which could be partly due thanks to his Bitcoin venture, as company CEO Phong Le suggested. He said his company is “well positioned to benefit from both Bitcoin tailwinds and the growth of our BI business.”
BTC recovers | Source: BTCUSD on Tradingview.com
MicroStrategy’s commitment to Bitcoin remains strong
Comment on the Bitcoin purchases from the companyMicroStrategy Chief Financial Officer (CFO) Andrew Kang said their commitment to acquiring and holding Bitcoin “remains strong,” especially with the increased possibility that there will soon be a wave of institutional adoption with prominent asset managers such as Black rock move to a Discover Bitcoin ETF.
The company’s “Bitcoin Strategy” has also positively impacted the company’s prospects, with many (especially crypto natives) having an affinity for the company due to its crypto ties. These ties to BTC also appear to have had an effect on the company’s stock.
If Saylor marked in a X messageMicroStrategy’s MSTR shares are up about 242% since the company added Bitcoin to its balance sheets. During this period, which dates back to August 2020, the company’s shares have outperformed major stocks like Apple and Google. MSTR has even outperformed Bitcoin itself during that period.
On a personal level, Saylor remains that way one of the leading proponents of the flagship cryptocurrency and recently shared a Bitcoin related X-post with the caption ‘Join the race. #Bitcoin” in what appears to be him urging his followers to become optimistic about the crypto token.
Featured image from Shutterstock, chart from Tradingview.com