MicroStrategy’s Appetite for Bitcoin Grows Adds 155 BTC Worth $5.3 Million to its Portfolio in October!

Source: Pixabay / Michael Wuensch

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MicroStrategy, the master of Bitcoin dedication, strikes again!

In a move that screams “We love Bitcoin!” louder than a bullhorn at a cryptocurrency conference, MicroStrategy, the prominent business intelligence and software company, recently acquired an additional 155 BTC for a cool $5.3 million. Now that’s what I call commitment!

According to MicroStrategy’s chairman and founder, Michael Saylor, who found an exceptional deal or two, the company made this strategic move in October. And guess what? This news comes just as Bitcoin’s price decided to ditch gravity and shoot up like a rocket, reaching an annual high of $35,000. Talk about impeccable timing!

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If you thought MicroStrategy was just dipping its toes in the Bitcoin waters, think again. In a filing just over a month ago, the company disclosed that it splurged a whopping $147.3 million to acquire 5,445 bitcoins. That’s like going on a shopping spree and leaving the store with bags upon bags of digital gold!

Back in August 2020, when everyone was still trying to figure out their virtual backgrounds on Zoom, MicroStrategy made a bold move and invested a solid $250 million in BTC. Remember, this was before Bitcoin became everyone’s favorite buzzword. Since then, they’ve been on a relentless buying spree, stacking up more and more bitcoins like they’re playing a game of digital Tetris. Currently, their treasury reserve strategy boasts a jaw-dropping 158,400 bitcoins. That’s enough bitcoin to make even Satoshi Nakamoto himself raise an eyebrow in admiration!

As of October 31, MicroStrategy’s Bitcoin piggy bank sits pretty with 158,400 BTC, valued at around $5.4 billion. Now, imagine a vault full of gold bars, only replace those bars with cryptographic tokens. That’s what MicroStrategy’s got going on!

But hold on, it’s not just Bitcoin fever that’s driving MicroStrategy’s success. The company’s financial performance is hitting all the right notes. Total revenues saw a solid 3% increase year-over-year, soaring to an impressive $129.5 million. And get this: a cool $66 million of that revenue is attributed to subscriptions and software products. It looks like their business intelligence game is as strong as ever!

But wait, there’s more! In the period after the second quarter ended, MicroStrategy went on a Bitcoin buying frenzy and acquired 6,067 more bitcoins for a staggering $167 million. You have to admire their timing. Bitcoin surged in October, almost touching the $35,000 mark, and MicroStrategy wasted no time capitalizing on the opportunity. It’s like they have a fortune teller on speed dial!

So, what’s next for Bitcoin? Will it finally charm the regulators and get that coveted approval for spot Bitcoin exchange-traded funds (ETFs)? If it does, get ready to see some serious investment action! The anticipation is rising faster than the price of a limited edition NFT. Exciting times are ahead!

But before we wrap up, here’s a little teaser. MicroStrategy’s CEO dropped a hint about their forthcoming third-quarter earnings report. Apparently, they now hold a whopping 158,400 bitcoins! That’s like owning a small country. In the crypto world, at least.

So, dear readers, are you ready to join MicroStrategy on their Bitcoin adventure? Strap in and hold on tight; this rollercoaster ride is just getting started!

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