Connect with us
Active Currencies 16217
Market Cap $3,488,132,295,278.60
Bitcoin Share 55.23%
24h Market Cap Change $-6.14
News

MicroStrategy buys more Bitcoin in October – what now?

2min Read

Michael Saylor’s business intelligence firm MicroStrategy added 155 Bitcoin for $5.3 million in October.
Posted: | Last updated: November 28th, 2023
Avatar
editors
microStrategy bitcoin
Avatar
editors
Posted: | Last updated: November 28th, 2023

Share this article

  • MicroStrategy held 158,400 Bitcoin in $4.69 billion, as of 31 October.
  • Bitcoin was trading at $35,350 at press time.

Virginia-based business intelligence firm MicroStrategy bought 155 Bitcoin [BTC] for $5.3 million in October, chairman and founder Michael Saylor posted on X.

It seems that the company decided to hoard more BTC amid a bull run as its price touched the $35K-price mark.

Andrew Kang, MicroStrategy’s Chief Financial Officer, said,

“Our commitment to acquire and hold bitcoin remains strong, especially with the promising backdrop of potential increased institutional adoption.”

MicroStrategy has been bullish on the king coin for years. In fact, the company has added 6,067 Bitcoin to its portfolio for $167 million since July 2023—for much of this period, the crypto market was witnessing a harsh winter. The purchase stood at $27,531 per BTC during this period.

The firm holds 158,400 BTC acquired for $4.69 billion or $29,586 per Bitcoin, as of 31 October.

BTC was trading at $35,350 at press time.

MicroStrategy posts net loss of $143.4 million

The firm disclosed its Bitcoin portfolio as a part of its Q3 2023 financial results. As per the results, its total revenues stood at $129.5 million, up 3% year-over-year. But it posted a net loss of $143.4 million during the quarter.

Q3 results did not have a 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 make a splash

MicroStrategy acquired Bitcoin for the first time in 2020, buying $250 million worth of tokens. It is the largest public Bitcoin whale, with Tesla and Marathon Digital Holdings following closely behind.

Let us look at the crypto investment activities of other large institutions in the last quarter.

Elon Musk’s automotive company Tesla neither bought nor sold digital assets during Q3. It marked the fifth consecutive quarter without changes to its digital asset investments. Marathon Digital Holdings also did not make any transactions in its Bitcoin holdings lately.

As per Bitcoin Treasuries, MicroStrategy, Tesla, Marathon Digital, Coinbase, and Hut 8 are the top five publicly traded Bitcoin holders.

Amongst these, Marathon Digital and Hut 8 are leading crypto mining firms.

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.

 

Previous:
Next:

Share

Avatar
Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.