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MicroStrategy’s Bitcoin bag is up $900M amid BTC price surge

MicroStrategy’s Bitcoin bag is up $900M amid BTC price surge

Business intelligence firm MicroStrategy has made a paper gain of $900 million on its stack of 158,400 Bitcoin, driven by optimism over the potential approval of spot Bitcoin exchange-traded funds.

The firm, founded by Michael Saylor, has added 6,067 Bitcoin since the third quarter, including another 155 in October, according to MicroStrategy’s Nov. 1 results filing.

MicroStrategy’s CEO Phong Le stated that the firm will continue to pursue its Bitcoin strategy.

“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, although it recorded a net loss of $143.4 million.

According to the company, digital asset impairment losses and income taxes contributed to $33.6 million and $109.6 million of the net losses, respectively.

Despite a 11.5% fall in Bitcoin’s price from $30,480 to $26,970 during the third quarter, MicroStrategy took advantage of the decline and purchased the 6,067 BTC at an average price of $27,590.

In addition, the firm is confident in its artificial intelligence-integrated business analytics products, as indicated by its 16% and 28% year-over-year increases in software licenses and subscription services.

Related: MicroStrategy returns to profit and now owns $4.4B worth of Bitcoin

“We believe MicroStrategy is well situated to capitalize on both the tailwinds in bitcoin and growth in our BI business,” said Le.

According to Google Finance, MicroStrategy’s stock price (MSTR) has risen 2.7% in after-hours trading to $438.

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