Press "Enter" to skip to content

MicroStrategy Added 9000 Bitcoins to Its Holdings

By September 30, MicroStrategy had over 114,000 BTCs with a carrying value of approximately $2.4 billion.

Analytics firm, MicroStrategy Inc. is placing a bigger bet on BTC.

During the July 2021-September 2021 quarter, it added 8957 BTC to its holdings bringing the total to 114,042 BTC on September 30, as per its quarterly report.

“Today, MicroStrategy is the world’s largest publicly traded corporate owner of BTC with over 114,000 BTCs. We will continue to evaluate opportunities to raise additional capital to execute on our BTC strategy”, said Michael Saylor, co-founder of MicroStrategy on the release of the report.

The carrying value of the total holdings is around $2.4 billion at a cumulative impairment loss of around $754.7 million.

Accounting rules stipulate that a company must report impairment loss if an intangible asset’s value declines to less than its purchase price. Since BTC is an intangible asset, the company had to report the impairment loss.

Saylor added that the company will “continue to evaluate opportunities to raise additional capital to execute” its BTC strategy.

At the time of writing, BTC was trading at around $61,000. At this price, the value of the reported gross BTC holdings stands at more than $6.84 billion. That’s a profit of approximately $3.7 billion.

The company reported a net loss of $36.1 million during the quarter.

MicroStrategy’s stock price has risen by around 5 times. On September 30 2020 it was trading at $150, whereas on September 30 it closed at $578. On Thursday, it closed for $717. The recent rise could be attributed to the rising price of BTC.

News recommendation: CEOs of CoinSwitch And CoinDCX Appointed As Co-Chairs of IAMAI’s Crypto Council

Cover Photo Source: Flickr

Be First to Comment

Leave a Reply

Your email address will not be published.

Latest Posts
Send this to a friend