Business intelligence software provider, MicroStrategy Inc. has seen a substantial rise in its Bitcoin holdings, amounting to a paper gain of about $900 million, thanks to the recent Bitcoin price surge.
The company, founded by Michael Saylor, has purchased an additional 6,067 Bitcoins since the beginning of the third quarter.
The firm now holds a total of 158,400 Bitcoins. This increase is driven by optimism over the potential approval of spot Bitcoin exchange-traded funds.
Despite its revenue increasing by 3% year-on-year to $129.5 million over the quarter, the firm recorded a net loss of $143.4 million. The loss was attributed to digital asset impairment losses and income taxes, amounting to $33.6 million and $109.6 million respectively.
The company took advantage of the 11.5% drop in Bitcoin’s price during the third quarter, from $30,480 to $26,970, purchasing the additional Bitcoins at an average price of $27,590.
CEO Phong Le reiterated the firm’s commitment to its Bitcoin strategy and expressed confidence in its artificial intelligence-integrated business analytics products.
Following the announcement of the company’s Q3 results, MicroStrategy’s stock price saw a 2.7% increase in after-hours trading, reaching $438 as per Google Finance.
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