The renowned business intelligence and software company, MicroStrategy, has once again reaffirmed its steadfast commitment to Bitcoin. On November 1, the company’s Chairman and Founder, Michael Saylor, announced that MicroStrategy had acquired an additional 155 bitcoins for $5.3 million in October. This move comes amid a surge in Bitcoin’s price, which recently reached an annual high of $35,000.
Just a little over a month ago, MicroStrategy disclosed a significant acquisition of 5,445 bitcoins for $147.3 million, with an average price of $27,053 per bitcoin, between August 1 and September 24.
MicroStrategy first entered the Bitcoin market in August 2020 with a substantial investment of $250 million in BTC. Since then, the company has consistently expanded its bitcoin holdings, establishing a treasury reserve strategy that now boasts over 158,400 bitcoins.
As of October 31, MicroStrategy’s impressive Bitcoin holdings stand at a total of 158,400 BTC, valued at approximately $5.4 billion at the time of this announcement. These were acquired at an average cost of $29,586 per BTC.
In addition to its formidable cryptocurrency holdings, the company’s financial performance remains robust. Total revenues have registered a 3% year-over-year increase, reaching $129.5 million. Notably, $66 million of this revenue is attributed to subscriptions and software products.
MicroStrategy’s resolute commitment to Bitcoin continues to position the company as a notable player in the evolving landscape of digital assets, showcasing a steadfast belief in the potential and future of cryptocurrency.
Source: cryptonews
