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Steadfast Bitcoin investor <a href="https://cryptoslate.com/companies/microstrategy/" rel="noopener noreferrer nofollow">MicroStrategy</a> announced that it purchased another batch of Bitcoin in its Q3 2023 earnings report on <a href="https://www.microstrategy.com/en/investor-relations/press/microstrategy-announces-third-quarter-2023-financial-results_11-01-2023" rel="noopener noreferrer nofollow">Nov. 1</a>.
Andrew Kang, Chief Financial Officer (CFO) at MicroStrategy, said:
<blockquote>
 “We further increased our total bitcoin holdings to 158,400 bitcoins, adding 6,067 bitcoins since the end of the second quarter. Our commitment to acquire and hold bitcoin remains strong, especially with the promising backdrop of potential increased institutional adoption.”
</blockquote>
The company applied different valuation methods to its Bitcoin holdings. It reported a total market value of $4.277 billion as of Sept. 30. It identified the original cost basis — that is, the purchase price — as $4.681 billion. The company also reported a much lower carrying value of $2.5451 billion, accounting for cumulative impairment losses of $2.230 billion.
Regarding its purchase of 6,067 BTC since the end of Q2, MicroStrategy said that this amount was worth $167 million in total, or $27,531 per coin.
MicroStrategy executive chairman <a href="https://cryptoslate.com/people/michael-saylor/" rel="noopener noreferrer nofollow">Michael Saylor</a> separately <a href="https://twitter.com/saylor/status/1719807461719216241" rel="noopener noreferrer nofollow">stated</a> that the company acquired 155 BTC in October alone, valued at $5.3 million.
On <a href="https://twitter.com/saylor/status/1718343167936782533" rel="noopener noreferrer nofollow">Oct. 27</a>, Saylor highlighted that Bitcoin outperformed certain other high-profile investments on a 2023 year-to-date basis. He provided a chart indicating that Bitcoin gained 103% over that period, while Nasdaq 100 gained 30% and gold gained 9.7%.
<h2 id="microstrategy-started-buying-btc-in-2020">MicroStrategy started buying BTC in 2020</h2>
MicroStrategy first invested in Bitcoin in 2020 and has increased its dedication to crypto investment since then. The company now describes Bitcoin investment and business analytics software as its two main corporate strategies.
The firm is the publicly traded company with the largest amount of Bitcoin holdings. Other notable investors like <a href="https://finance.yahoo.com/news/marathon-digital-holdings-announces-bitcoin-141600775.html" rel="noopener noreferrer nofollow">Marathon</a> (which holds 13,286 BTC worth $470 million) and <a href="https://cryptoslate.com/tesla-maintains-bitcoin-holdings-while-directing-resources-toward-ai/" rel="noopener noreferrer nofollow">Tesla</a> (which holds $218 million of Bitcoin) rank distantly behind MicroStrategy’s $4 billion.
MicroStrategy is also developing services related to Bitcoin’s Lightning Network. The company announced an enterprise Lightning plugin in <a href="https://cryptoslate.com/microstrategy-will-launch-bitcoin-lightning-enterprise-plugin-in-2023/" rel="noopener noreferrer nofollow">late 2022</a>, now reflected on <a href="https://www.microstrategy.com/en/lightning/lightning-rewards" rel="noopener noreferrer nofollow">its website</a>. Saylor’s email address was also <a href="https://cryptoslate.com/microstrategy-converts-company-mail-to-bitcoin-lightning-address/" rel="noopener noreferrer nofollow">converted to a Lightning address</a> this year.
The post <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com/microstrategy-bought-167m-worth-of-bitcoin-in-q3-2023-holds-over-4b-total/">MicroStrategy bought $167M worth of Bitcoin in Q3 2023, holds over $4B total</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

MicroStrategy bought $167M worth of Bitcoin in Q3 2023, holds over $4B total

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