MicroStrategy Bitcoin Wallet Raises $900M Amid BTC Price Rise

MicroStrategy Bitcoin Wallet Raises $900M Amid BTC Price Rise



Business intelligence company MicroStrategy made a profit of $900 million on a stack of 158,400 bitcoins.

According to MicroStrategy's Nov. 1 earnings filing, the Michael Saylor-founded firm has added 6,067 Bitcoin (BTC) since the third quarter, including another 155 in October.

MicroStrategy CEO Fong Le said the company will not back down from its Bitcoin strategy anytime soon.

“Our commitment to acquiring and owning Bitcoin remains strong, especially against the backdrop of increased institutional adoption.”

The company's revenue increased 3 percent to $129.5 million in the quarter.

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Of the total net loss, $109.6 million was attributable to digital asset impairment losses and income taxes, the firm said.

The price of Bitcoin has increased again of late, BTC decreased by 11.5% from $30,480 to $26,970 in the third quarter (from July 1 to September 30).

Microstrategy capitalized on this bearish period by buying 6,067 BTC at an average price of $27,590.

The company is confident of where its artificial intelligence-integrated business analytics products are, with its software licensing and subscription services growing 16 percent and 28 percent year-over-year, respectively.

Related: MicroStrategy Returns to Profits and Now Has $4.4B in Bitcoin Value

“We believe MicroStrategy is well positioned to capitalize on both the tailwinds of bitcoin and growth in our BI business,” he said.

Shares of MicroStrategy ( MSTR ) rose 2.7% in afternoon trading, according to Google Finance.

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