Microstrategy, the corporate generation led by crypto bull Michael Saylor, has increased its bet on bitcoin and plans to keep adding more.
The company bought 9,000 bitcoins in the quarter ending Sept. 30, bringing its total number of bitcoins to 114,042, according to a corporate record. That inventory is now worth around $7 billion and Microstrategy will buy more.
“We will continue to compare opportunities to raise more capital to execute our bitcoin strategy,” CEO Michael Saylor said Thursday.
In MicroStrategy’s third-quarter effects released on Thursday, the company said it recorded $754. 7 million in price losses on its bitcoin holdings, that was before the cryptocurrency rally in October took it to record costs of about $67,000.
The value of cryptocurrency has more than doubled this year. The hype around bitcoin rose with its value in October after the U. S. Securities and Exchange Commission said it was in its entireth. USA Approve the first exchange-traded bitcoin futures funds.
However, the recent bitcoin meetings are largely due to crypto whales and long-term holders clinging to their coins, analytics company Kraken said in a report. prices.