MicroStrategy, a prominent software intelligence company co-founded by fervent Bitcoin supporter Michael Saylor, has demonstrated unwavering dedication to the world of cryptocurrencies. The company recently made a substantial leap by acquiring an additional 6,067 BTC since the conclusion of the second quarter. This move elevated their total Bitcoin holdings to an impressive 158,400 BTC by the end of October.
This latest investment amounted to a staggering $167 million. This further cemented MicroStrategy’s position as one of the most significant corporate holders of Bitcoin. Saylor’s company has been at the forefront of incorporating BTC into its corporate treasury strategy, a testament to its unwavering confidence in the long-term potential of the digital asset.
In the third quarter of 2023, MicroStrategy reported a 3.3% increase in revenue, reaching $129.5 million when compared to the same period the previous year. This achievement is particularly noteworthy as it highlights the company’s ability to achieve positive financial results despite substantial investments in the asset.
MicroStrategy’s Saylor further disclosed that the company had acquired an additional 155 BTC in October. It invested $5.3 million in this endeavor. Notably, this acquisition coincided with a significant upswing in Bitcoin’s price, underscoring the strategic timing of MicroStrategy’s BTC accumulation. Just over a month ago, MicroStrategy disclosed the acquisition of 5,445 BTC for $147.3 million. Its average purchase price stands at $27,053 per BTC.
It’s important to acknowledge that MicroStrategy’s Bitcoin holdings are undoubtedly impressive. But they have also contributed to the company’s accounting for digital asset impairment losses and income taxes. These factors combined to total $33.6 million, significantly influencing the firm’s overall net losses, which reached $109.6 million.
Bitcoin whales move over 6000 BTC
In a separate development, the cryptocurrency world witnessed notable activity as three major Bitcoin addresses collectively transferred 6,500 BTC to new wallets, with a cumulative value of approximately $230 million. These BTC have remained inactive since their transfer on November 5, 2017. Intriguingly, the origins of these BTC can be traced back to the earliest transfer in July 2011, with some originating from a wallet address linked to F2Pool, indicative of early mining activities.
At press time, BTC was trading at $35,293.16 with a 2.50% daily surge. The latest actions by both MicroStrategy and Bitcoin whales underscore the enduring dynamism of the cryptocurrency market. It notes how institutional and individual investors are actively engaging in the evolving Bitcoin ecosystem.