MicroStrategy, under the leadership of Michael Saylor, has reported a paper gain of $900 million on its 158,400 Bitcoin holdings, according to its filing on November 1, 2023. The gain is attributed to the anticipated approval of Bitcoin Exchange-Traded Funds (ETFs). The firm's strategic acquisitions during a market downturn, including a purchase of 155 Bitcoins in October at an average price of $27,590, were highlighted by CEO Phong Le as part of their commitment towards a potential surge in institutional Bitcoin adoption.
In October, MicroStrategy added another 155 BTC to their portfolio for $5.3 million, bringing their total holdings to 158,400 BTC worth $4.69 billion. This announcement was made by the company's founder, Michael Saylor. CFO Andrew Kang reiterated the firm's commitment to Bitcoin amidst potential institutional adoption. Throughout the crypto winter since July 2023, MicroStrategy added 6,067 BTC for $167 million at an average cost of $27,531 per BTC. As of today, Bitcoin is trading at $35,350.
Despite recording a net loss of $143.4 million in Q3 2023, MicroStrategy saw a year-on-year revenue increase of 3% to $129.5 million. This loss did not significantly impact the company's stock on NASDAQ:MSTR which was trading at $426.28.
Since its initial investment of $250 million in 2020, MicroStrategy has become the largest public Bitcoin holder. Other firms like Tesla (NASDAQ:TSLA) and Marathon Digital (NASDAQ:MARA) Holdings maintained their digital asset investments steady in Q3 according to Bitcoin Treasuries. The leading five publicly traded Bitcoin holders are MicroStrategy, Tesla, Marathon Digital, Coinbase (NASDAQ:COIN), and Hut 8 (TSX:HUT).
IntoTheBlock reported that Bitcoin whales added 18,924 BTC ($650 million) to their holdings in the last week of October, indicating continued confidence in the digital asset.
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