MicroStrategy, a renowned business intelligence and software company, has once again showcased its faith in the Bitcoin market growth by acquiring an additional 155 BTC for $5.3 million.
The Recent Acquisition and Bitcoin Market Growth
On November 1, Michael Saylor, the founder and chairman of MicroStrategy, announced that the company had invested in an additional 155 bitcoins for $5.3 million in October. This investment comes at a time when the Bitcoin market growth has been quite noticeable, with its price hitting an annual high of $35,000.
A little over a month ago, the company revealed that it had invested in 5,445 bitcoins for $147.3 million between August 1 and September 24. The average price per bitcoin during this period was $27,053.
MicroStrategy first made its mark in the Bitcoin market in August 2020 with a significant investment of $250 million in BTC. Since then, the company has consistently increased its bitcoin holdings, reflecting its belief in the Bitcoin market growth.
As of October 31, MicroStrategy’s impressive Bitcoin holdings were valued at approximately $5.4 billion, acquired at an average cost of $29,586 per BTC.
Financial Performance Amidst Bitcoin Market Growth
The company’s financial performance remains strong amidst the Bitcoin market growth, with total revenues increasing by 3% year-over-year to reach $129.5 million. Notably, $66 million of this revenue is attributed to subscriptions and software products.
After the end of the second quarter, MicroStrategy acquired 6,067 bitcoins for $167 million. As the price of Bitcoin surged in October, nearing the $35,000 mark at one point, MicroStrategy’s strategic Bitcoin acquisitions have proved profitable.
Bitcoin’s current value is just below this level. There is growing anticipation that spot Bitcoin exchange-traded funds (ETFs) may soon receive regulatory approval, potentially attracting significant investment.
In a recent tease about the forthcoming release of the company’s third-quarter earnings report, Saylor shared that MicroStrategy now holds a total of 158,400 bitcoins.