Business intelligence firm MicroStrategy has notched a paper gain of $900 million on its stack of 158,400 Bitcoin (BTC), spurred by optimism over the potential approval of spot Bitcoin exchange-traded funds (ETFs).
In October, @MicroStrategy acquired an additional 155 BTC for $5.3 million and now holds 158,400 BTC. Please join us at 5pm ET as we discuss our Q3 2023 financial results and answer questions about the outlook for #BusinessIntelligence and #Bitcoin. $MSTR https://t.co/w7eRUcGobi
— Michael Saylor⚡️ (@saylor) November 1, 2023
MicroStrategy CEO Phong Le said the firm isn’t shying away from its Bitcoin strategy any time soon.
“Our commitment to acquire and hold bitcoin remains strong, especially with the promising backdrop of potential increased institutional adoption.”
The firm’s revenue increased 3% year-on-year to $129.5 million over the quarter; however, it wasn’t enough to keep the firm out of the red, recording a net loss of $143.4 million.
While Bitcoin’s price has surged again of late, BTC fell 11.5% from $30,480 to $26,970 during the third quarter (July 1 to Sept. 30).
MicroStrategy capitalized on this downward period, buying the 6,067 BTC for an average price of $27,590.
The firm is also confident in where its artificial intelligence-integrated business analytics products are situated, with its software licenses and subscription services increasing 16% and 28% year-over-year.
“We believe MicroStrategy is well situated to capitalize on both the tailwinds in bitcoin and growth in our BI business,” Le said.
Microstrategy just reported their Q3 earnings
By buying + hodling BTC, they’ve made 7 years of their annual revenue
Lesson in there pic.twitter.com/eKlM8JrV2O
— jay (@0xjaypeg) November 1, 2023
MicroStrategy’s stock price (MSTR) has increased 2.7% in after-hours trading to $438, according to Google Finance.