MicroStrategy buys more Bitcoin in October – what now?

• MicroStrategy held 158,400 Bitcoin in $4.69 billion, as of 31 October.
• Bitcoin was trading at $35,350 at press time.

Virginia-based business intelligence firm MicroStrategy bought 155 Bitcoin [BTC] for $5.3 million in October, chairman and founder Michael Saylor posted on X.

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

It seems that the company decided to hoard more BTC amid a bull run as its price touched the $35K-price mark.

Andrew Kang, MicroStrategy’s Chief Financial Officer, said,

“Our commitment to acquire and hold bitcoin remains strong, especially with the promising backdrop of potential increased institutional adoption.”

MicroStrategy has been bullish on the king coin for years. In fact, the company has added 6,067 Bitcoin to its portfolio for $167 million since July 2023—for much of this period, the crypto market was witnessing a harsh winter. The purchase stood at $27,531 per BTC during this period.

The firm holds 158,400 BTC acquired for $4.69 billion or $29,586 per Bitcoin, as of 31 October.

BTC was trading at $35,350 at press time.

MicroStrategy posts net loss of $143.4 million

The firm disclosed its Bitcoin portfolio as a part of its Q3 2023 financial results. As per the results, its total revenues stood at $129.5 million, up 3% year-over-year. But it posted a net loss of $143.4 million during the quarter.

Q3 results did not have a significant impact on the performance of MicroStrategy’s stock on Nasdaq. MSTR was trading at $426.28 at the time of writing.

Source: MSTR, Nasdaq

Bitcoin whales make a splash

MicroStrategy acquired Bitcoin for the first time in 2020, buying $250 million worth of tokens. It is the largest public Bitcoin whale, with Tesla and Marathon Digital Holdings following closely behind.

Let us look at the crypto investment activities of other large institutions in the last quarter.

Elon Musk’s automotive company Tesla neither bought nor sold digital assets during Q3. It marked the fifth consecutive quarter without changes to its digital asset investments. Marathon Digital Holdings also did not make any transactions in its Bitcoin holdings lately.

As per Bitcoin Treasuries, MicroStrategy, Tesla, Marathon Digital, Coinbase, and Hut 8 are the top five publicly traded Bitcoin holders.

Amongst these, Marathon Digital and Hut 8 are leading crypto mining firms.

Source: Bitcoin Treasuries

Blockchain analytics firm IntoTheBlock also found that Bitcoin whales added 18,924 BTC worth $650 million to their portfolios in the last week of October.

In the last 7 days, Bitcoin ‘whales have added 18,924 BTC to their portfolios. That’s an impressive $650M at today’s priceshttps://t.co/TW9Cvy6ToV pic.twitter.com/fxhafTK3U4

— IntoTheBlock (@intotheblock) October 31, 2023