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MicroStrategy, influenced by the positive belief in spot Bitcoin exchange-traded funds, gained a $900 million increase in value from its 158,400 Bitcoin investment.
According to the results announced on November 1, the company founded by Michael Saylor bought 155 more Bitcoins in October since the third quarter, reaching 6,067 in total. Phong Le, CEO of MicroStrategy, stated the company will not abandon its Bitcoin strategy in the near future. Le said, “Our commitment to acquiring and retaining Bitcoin continues strong, especially with the promising developments of potential corporate adoption“.
The company’s revenue rose by 3% to $129.5 million during the quarter over the same period last year. However, this was not enough to save the company from losses, and MicroStrategy reported a net loss of $143.4 million. The company explained that the total net loss of $33.6 million was due to the decrease in digital asset value and income taxes. While the price of Bitcoin is recently rising again, BTC fell from $30,480 to $26,970, a 11.5% decrease in the third quarter (July 1 – September 30). MicroStrategy took advantage of this decrease and purchased 6,067 BTC at an average price of $27,590.
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The company reported a 16% year-on-year increase in software license sales and a 28% year-on-year growth in subscription services. The company expressed satisfaction with the integration of its business analytics products with artificial intelligence.
Le said, “We believe that MicroStrategy is well positioned to benefit from both tailwinds in Bitcoin and growth in our business intelligence business“. According to Google Finance, MicroStrategy’s stock price (MSTR) increased by 2.7% to $438 in after-hours trading.
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