The company “MicroStrategy” investing in Bitcoin publishes its report for the third quarter of 2022
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Answer The company “MicroStrategy” investing in Bitcoin publishes its report for the third quarter of 2022
MicroStrategy, the largest company in terms of bitcoin holdings, posted a $727,000 depreciation of its bitcoin holdings in the third quarter of 2022.
The company purchased an additional 301 bitcoins between July and October, bringing its total bitcoin holdings to 130,000.
“MicroStrategy” publishes the results of the third quarter 2022:
The US business intelligence firm continued to follow its bitcoin agenda during the third quarter of 2022 and bought more bitcoins.
At the time of writing this article, MicroStrategy’s holdings are valued at $2.6 billion.
Andrew Kang, the company’s chief financial officer, said:
In further commitment to our bitcoin strategy, MicroStrategy acquired approximately 301 additional bitcoins this quarter and remains the largest publicly traded bitcoin owner in the world, with total holdings of 130,000 bitcoins.
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Despite the slight rise in the price of Bitcoin in the past few days, the company is still facing massive unrealized losses of $1.4 billion.
MicroStrategy has spent nearly $4 billion to accumulate its bitcoin stock over the years at an average price of just over $30,000.
Kang further revealed that MicroStrategy reported a $727,000 decline on its Bitcoin holdings in the third quarter due to the relatively stable valuation of the asset.
By comparison, when bitcoin’s price ranged between $47,000 and $18,000 in the second quarter, the company announced a drop in value of $917 million.
While MicroStrategy’s third-quarter revenue totaled $125.4 million, topping the Zacks consensus estimate by 0.05%. Gross profit was $100 million, compared to $105.7 million for the third quarter of 2021.
The announced financial numbers positively affected MicroStrategy’s shares, which rose more than 3%.
However, it fell to last week’s ratings in the following hours.
Future plans for “MicroStrategy” towards Bitcoin:
Michael Saylor, the co-founder of MicroStrategy and a vocal supporter of Bitcoin, stepped down as CEO in August and became CEO of the company.
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He stressed that the amendments will benefit the company’s structure and enable it to acquire more bitcoin.
A recent filing with the SEC indicated that MicroStrategy is looking to raise $500 million of its stock for general corporate purposes, including the purchase of bitcoin.
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