MicroStrategy remains the company with the most BTC in its assets, and it may keep buying BTC despite losses recently.
The company is still a strong HODLer of BTC, despite recent quarters showing $27.1 million in losses. Moreover, MicroStrategy implied that it may increase its BTC holdings in the near future.
Third-quarter reports show that MicroStrategy still owns 130,000 BTC, around 0.60% of the circulating supply of Bitcoin. These BTC were not bought at the same time; Some were purchased before the previous bull run, and the rest were purchased in the following months. The average cost per BTC for MicroStrategy was $30,639, given that the company has spent around $4 billion in Bitcoin. Check the third quarter results in the press release below:
The overall stable price of BTC recently has been beneficial for MicroStrategy, despite the market being bearish. Impairment charges have largely declined when compared to previous quarters, suggesting a healthier balance sheet for the company.
Phong Le, CEO of MicroStrategy, restated that the company “seeks” to get a hold of more Bitcoins because they believe in the long-term potential of the world’s leading cryptocurrency.
Michael Saylor, executive chairman of MicroStrategy, has a rather large impact on the company’s decisions. The former CEO continues to support Bitcoin in Social Media, and he had previously stated that MicroStrategy’s BTC holdings were the main reason why the company’s shares have increased over the years.
MicroStrategy’s earnings in the recent quarter show losses, but revenues of $125.4 million have still exceeded expectations given the current state of the economy.
Revenues are increasing at a faster pace, and if BTC increases, MicroStrategy might continue to prosper financially.