Bitcoin

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 Michael Saylor founded MicroStrategy has bought 6,067 Bitcoin since the start of the third quarter.
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<div class="cointelegraph">
 Business intelligence firm MicroStrategy has notched a paper gain of $900 million on its stack of 158,400 Bitcoin, spurred by optimism over the potential approval of spot Bitcoin exchange-traded funds.
 The Michael Saylor-founded firm added 6,067 Bitcoin (BTC)&nbsp;since the&nbsp;third quarter, including another 155 in October, according to MicroStrategy’s Nov. 1 results filing.
 <blockquote class="twitter-tweet">
 In October, @MicroStrategy acquired an additional 155 BTC for $5.3 million and now holds 158,400 BTC. Please join us at 5pm ET as we discuss our Q3 2023 financial results and answer questions about the outlook for #BusinessIntelligence and #Bitcoin. $MSTR https://t.co/w7eRUcGobi— Michael Saylor️ (@saylor) November 1, 2023
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 MicroStrategy’s CEO Phong Le said the firm isn’t shying away from its Bitcoin strategy any time soon.
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 “Our commitment to acquire and hold bitcoin remains strong, especially with the promising backdrop of potential increased institutional adoption.”
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 The firm revenue increased 3% year-on-year to $129.5 million over the quarter, however it wasn’t enough to keep the firm out of the red, recording a net loss of $143.4 million.
 Digital asset impairment losses and income taxes attributed to $33.6 million $109.6 million of the total net losses, the firm noted.
 While Bitcoin’s <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> has surged again of late, BTC fell 11.5% from $30,480 to $26,970 during the third quarter (July 1 to Sept. 30).
 MicroStrategy capitalized on this downward period, buying the 6,067 BTC for an average <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> of $27,590.
 The firm is also confident with where its artificial intelligence-integrated business analytics products are situated, with its software licenses and subscription services increasing 16% and 28% year-over-year.
 Related: MicroStrategy returns to profit and now owns $4.4B worth of Bitcoin 
 “We believe MicroStrategy is well situated to capitalize on both the tailwinds in bitcoin and growth in our BI business,” Le said.
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 Microstrategy just reported their Q3 earnings - They hold 158,400 BTC at a cost basis of $29,586 - They are at 900MM profit on their BTC buys - Their annual revenue is 129.5MM (up 3% y/y) By buying + hodling BTC, they've made 7 years of their annual revenue Lesson in there pic.twitter.com/eKlM8JrV2O— jay (@0xjaypeg) November 1, 2023
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 MicroStrategy's stock <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> (MSTR) has increased 2.7% in after-hours trading to $438, according to Google Finance.
 Hall of Flame: Wolf Of All Streets worries about a world where Bitcoin hits $1M
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/microstrategy-s-bitcoin-bag-is-up-900m-amid-btc-price-surge-tbt68747.html">https://thebittimes.com/microstrategy-s-bitcoin-bag-is-up-900m-amid-btc-price-surge-tbt68747.html</a>

MicroStrategy’s Bitcoin bag is up $900M amid BTC price surge

TheBitTimes

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