MicroStrategy bought $167M worth of Bitcoin ( $110,171.00 ) in Q3 2023, holds over $4B total

Steadfast Bitcoin ( $110,171.00 ) investor MicroStrategy announced that it purchased another batch of Bitcoin ( $110,171.00 ) in its Q3 2023 earnings report on Nov. 1.

Andrew Kang, Chief Financial Officer (CFO) at MicroStrategy, said:

“We further increased our total Bitcoin ( $110,171.00 ) holdings to 158,400 bitcoins, adding 6,067 bitcoins since the end of the second quarter. Our commitment to acquire and hold Bitcoin ( $110,171.00 ) remains strong, especially with the promising backdrop of potential increased institutional adoption.”

The company applied different valuation methods to its Bitcoin ( $110,171.00 ) 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 Michael Saylor separately stated that the company acquired 155 BTC in October alone, valued at $5.3 million.

On Oct. 27, Saylor highlighted that Bitcoin ( $110,171.00 ) outperformed certain other high-profile investments on a 2023 year-to-date basis. He provided a chart indicating that Bitcoin ( $110,171.00 ) gained 103% over that period, while Nasdaq 100 gained 30% and gold gained 9.7%.

MicroStrategy started buying BTC in 2020

MicroStrategy first invested in Bitcoin ( $110,171.00 ) in 2020 and has increased its dedication to crypto investment since then. The company now describes Bitcoin ( $110,171.00 ) investment and business analytics software as its two main corporate strategies.

The firm is the publicly traded company with the largest amount of Bitcoin ( $110,171.00 ) holdings. Other notable investors like Marathon (which holds 13,286 BTC worth $470 million) and Tesla (which holds $218 million of Bitcoin ( $110,171.00 ) ) rank distantly behind MicroStrategy’s $4 billion.

MicroStrategy is also developing services related to Bitcoin ( $110,171.00 ) ’s Lightning Network. The company announced an enterprise Lightning plugin in late 2022, now reflected on its website. Saylor’s email address was also converted to a Lightning address this year.

The post MicroStrategy bought $167M worth of Bitcoin ( $110,171.00 ) in Q3 2023, holds over $4B total appeared first on CryptoSlate.

Source