KEY POINTS
- MicroStrategy increased its Bitcoin holdings to 158,400 BTC
- MSTR closed above the $500 threshold last Friday
- Bitcoin was trading down at $37,743.69 on Saturday evening
American software company MicroStrategy saw compound gains last week in its stocks and Bitcoin holdings as it remains profitable amid the BTC price rally. Its stock price has nearly reached a two-year high.
Last Friday, MicroStrategy (MSTR) closed above the $500 threshold — a level that investors have not seen since December 2021 — recording a $7.33 billion market cap, according to data from Nasdaq.
MicroStrategy, the largest corporate Bitcoin holder, nullified all its losses over the past months and saw over 25% on its cumulative Bitcoin investment as the world's largest crypto asset by market cap continued to trade within the $37,000 price level for weeks.
Michael Saylor, the executive chairman and one of the founders of MicroStrategy, revealed earlier this month that the software company had Bitcoins acquired at a cost of $4.69 billion or an average of $29,586 per BTC.
"In October, @MicroStrategy acquired an additional 155 BTC for $5.3 million and now holds 158,400 BTC," the Bitcoin evangelist said in a tweet earlier this month.
In October, @MicroStrategy acquired an additional 155 BTC for $5.3 million and now holds 158,400 BTC. Please join us at 5pm ET as we discuss our Q3 2023 financial results and answer questions about the outlook for #BusinessIntelligence and #Bitcoin. $MSTR https://t.co/w7eRUcGobi
— Michael Saylor⚡️ (@saylor) November 1, 2023
Bitcoin was trading at $37,741.97 Saturday evening, which means MicroStrategy was sitting on an unrealized profit of $8,155.91 per BTC or $1,291,896,144.
"We further increased our total bitcoin holdings to 158,400 bitcoins, adding 6,067 bitcoins since the end of the second quarter. Our commitment to acquire and hold bitcoin remains strong, especially with the promising backdrop of potential increased institutional adoption. And while we continue to grow our strong balance sheet, our Q3 operating results and growth in total revenues reflect the resiliency of our software business and establish a solid foundation to capitalize on AI in BI," MicroStrategy CFO Andrew Kang said while announcing the company's Q3 financial results earlier this month.
"Total revenue also grew in the third quarter off the continued growth in the cloud as well as a strong quarter in product license revenues. We believe MicroStrategy is well situated to capitalize on both the tailwinds in bitcoin and growth in our BI business," MicroStrategy president and CEO Phong Le noted.
Bitcoin's 24-hour trading volume was down by 61.79% at $8,680,894,251 on Saturday. This represented a 0.19% decrease in the last 24 hours and a 3.5% gain over the past seven days.
Data from CoinMarketCap revealed that Bitcoin's total circulating supply stood at 19,553,162 BTC, with its value dipping by 0.18% at a market cap of $737,982,106,444.
