MicroStrategy CEO Michael Saylor said in the Q3 2023 financial report that his company spent $5.3 million to buy an additional 155 BTC. Thus, MicroStrategy is holding a total of 158,400 BTC with an average purchase price of $29,586/BTC.
As Bitcoin price has surpassed the $35.5 threshold, MicroStrategy boosts Bitcoin portfolio with $5.64 billion investment – bringing the company a profit of more than $900 million or 19.22%.
Looking back at history, when the crypto market bottomed in December 2022, MicroStrategy lost up to 45% of its Bitcoin investment. However, the company still doesn’t sell Bitcoin, even continues to buy more in 2023: March ($150 million), April ($29.3 million), June ($347 million), July ($14.4 million) and September ($147 million) – total of $682 million.
Saylor also shared a balance sheet showing that since his company started investing in Bitcoin in August 2020, MicroStrategy’s MSTR stock price has increased 242%, Bitcoin price rallied 192% – far surpassing other investment options.
“Our commitment to acquire and hold bitcoin remains strong, especially with the promising backdrop of potential increased institutional adoption” said MicroStrategy’s Chief Financial Officer Andrew Kang.
Bitcoin jumped 28% in October, its biggest monthly gain since January, on growing expectations that the SEC may soon approve exchange-traded funds that invest directly in the cryptocurrency after more than a decade of deliberation.