Stalwart Bitcoin investor MicroStrategy announced in its Q3 2023 earnings report that it has purchased another batch of Bitcoin. November 1st.
Andrew Kang, Chief Financial Officer (CFO) at MicroStrategy, said:
“We further increased our total bitcoin holdings to 158,400 bitcoins, adding 6,067 bitcoins since the end of the second quarter. Our commitment to acquiring and holding bitcoin remains strong, especially with the promising backdrop of potential increased institutional adoption.”
The company applied different valuation methods to its Bitcoin holdings. It reported a total market value of $4.277 billion as of September 30. It identified the original cost basis – that is, the purchase price – at $4.681 billion. The company also reported a much lower book value of $2.5451 billion, accounting for cumulative impairment losses of $2.230 billion.
Regarding the purchase of 6,067 BTC since the end of the second quarter, MicroStrategy said this amount was worth a total of $167 million, or $27,531 per coin.
Michael Saylor, executive chairman of MicroStrategy, separately declared that the company acquired 155 BTC worth $5.3 million in October alone.
On October 27Saylor highlighted that Bitcoin has outperformed certain other high-profile investments so far in 2023. He provided a chart showing that Bitcoin gained 103% during that period, while Nasdaq 100 gained 30% and gold gained 9.7%.
MicroStrategy started buying BTC in 2020
MicroStrategy first invested in Bitcoin in 2020 and has since increased its commitment to crypto investing. The company now describes Bitcoin investment and business analysis software as its two main business strategies.
The company is the publicly traded company with the largest number of Bitcoin holdings. Other notable investors like Marathon (with 13,286 BTC worth $470 million) and Tesla (with $218 million worth of Bitcoin) are far behind MicroStrategy’s $4 billion.
MicroStrategy also develops services related to Bitcoin’s Lightning Network. The company announced a business Lightning plugin in late 2022, which is now being considered his website. Saylor’s email address was also converted to a Lightning address this year.
The post that MicroStrategy bought $167 million worth of Bitcoin in the third quarter of 2023 and had a total of more than $4 billion in its holdings first appeared on CryptoSlate.