Chairman and founder of MicroStrategy Michael Saylor, announced the company acquired an additional 155 bitcoin for $5.3 million, bringing its total bitcoin holdings to 158,400 BTC.
Just over a month prior, the company had purchased 5,445 bitcoins for $147.3 million, positioning itself for significant gains as the price of bitcoin surged in October, reaching $35,000 by 1st November.
The company expressed strong faith in bitcoin, driven by the potential for increased institutional adoption, particularly in light of numerous Spot bitcoin ETF filings.
“Our commitment to acquire and hold bitcoin remains strong, especially with the promising backdrop of potential increased institutional adoption,” said Andrew Kang, chief financial officer at MicroStrategy.
While MicroStrategy expanded its bitcoin holdings, its third-quarter financial results showed mixed performance. The company reported a 3.3% increase in revenues, reaching $130 million. However, it posted a net loss of $143.4 million during the quarter, a substantial increase from the previous year when it reported a net loss of $27 million in the same period.
The net loss was primarily attributed to provisions for income taxes, particularly reflecting changes in the valuation allowance on the company’s deferred tax asset related to the impairment on its bitcoin holdings.
The company’s share price remained relatively stable following the earnings release.