MicroStrategy Acquires Additional 155 Bitcoin Worth $5.3 Million in October
The prominent business intelligence and software company MicroStrategy reaffirmed its unwavering dedication to Bitcoin with the recent acquisition of an additional 155 BTC at a total cost of $5.3 million.
On November 1, MicroStrategy’s chairman and founder, Michael Saylor, revealed that the company acquired an additional 155 bitcoins for $5.3 million in October. This announcement comes at a time when Bitcoin’s price has been on an upward trajectory, reaching a recent annual high of $35,000.
Just over a month ago, the company disclosed in a filing that it purchased 5,445 bitcoins for $147.3 million, with an average price of $27,053 per bitcoin, between August 1 and September 24.
MicroStrategy initially entered the Bitcoin market in August 2020 with a substantial investment of $250 million in BTC. Since then, the company has consistently expanded its bitcoin holdings, establishing a treasury reserve strategy that now boasts over 158,400 bitcoins.
As of October 31, MicroStrategy’s impressive Bitcoin holdings stand at a total of 158,400 BTC, with an approximate value of $5.4 billion at the time of this announcement, acquired at an average cost of $29,586 per BTC.
The company’s financial performance remains robust, with total revenues registering a 3% increase year-over-year, reaching $129.5 million. Notably, $66 million of this revenue is attributed to subscriptions and software products.
In the period following the end of the second quarter, MicroStrategy acquired 6,067 bitcoins for $167 million. MicroStrategy’s strategic Bitcoin acquisitions have proved lucrative as the price of the digital asset surged in October, coming close to the $35,000 mark at one point.
Bitcoin’s current value hovers just below this level, with growing
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