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With bitcoin surging to new heights, microStrategy bought close to 9000 BTC in Q3. The company is using the digital currency as a hedge for their risk management strategy and believes that crypto will lead to more stable financial markets.
The “microstrategy stock bitcoin” is a company that was bought close to 9000 BTC in Q3. The value of the stash now stands at $7 billion.
MicroStrategy said that it purchased an additional 9,000 Bitcoin units in the third quarter of this year, increasing the total value of its Bitcoin holdings to over $7 billion.
Microstrategy presently has 114,042 Bitcoin in its possession.
According to the company’s Q3 report, which was posted on October 28, the intelligence organization possesses a total of 114,042 Bitcoin worth over $3 billion at an average purchase price of $27,713.
If its holdings are translated to the current price of the crypto king, which is around $60k as of press time, the company’s BTC holdings are worth about $7 billion, implying a profit of near to $4 billion if it decides to sell its BTC.
Despite the allure of the profits, MicroStrategy will not be selling any of its Bitcoin anytime soon, as CEO Michael Saylor emphasized that the company will continue to explore for methods to continue its Bitcoin acquisition dream.
As he puts it:
“We will continue to assess ways to obtain more funds in order to carry out our bitcoin strategy,” says the company.
It should be noted that the company declared a $754.7 million impairment loss on its BTC purchase, but this is just a loss that is required to be disclosed if the value of an asset falls below its cost.
Michael Saylor is still optimistic about Bitcoin.
Michael Saylor, the CEO of MicroStrategy, is one of the most well-known names and faces linked with Bitcoin, having undertaken several pro-crypto activities.
He just sent out a series of tweets yesterday urging his millions of followers not to sell their Bitcoin.
It is not necessary for you to sell your #bitcoin. https://t.co/dwWaSCVgPa
October 28, 2021 — Michael Saylor (@saylor)
He’s also lately asserted:
“When huge US banks can store #bitcoin on their balance sheets, everyone will want to purchase it, no one will need to sell it, and you will be unable to afford it.”
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Posted in: Bitcoin, Financial Markets, Investments
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