MicroStrategy Still Bullish On Bitcoin, Spent Millions Last Month To Increase BTC Stash

American software company MicroStrategy once again bolstered its Bitcoin position and reinforced its bullish stance by acquiring more BTC in October, growing its stash to nearly 159,000.

MicroStrategy co-founder and executive chairman Michael Saylor revealed Thursday that the software company spent $5.3 million last month as it added 155 more Bitcoins to its holdings.

With the recent accumulation, MicroStrategy maintains its seat as the largest corporate Bitcoin holder in the world with a total of 158,400 BTC.

The software company purchased a total of 6,067 BTC for $167 million in Q3 2023, which means it has spent $4.69 billion or 29,5686 per BTC.

"We further increased our total bitcoin holdings to 158,400 bitcoins, adding 6,067 bitcoins since the end of the second quarter," MicroStrategy's Chief Financial Officer, Andrew Kang, said in a statement, before adding, "Our commitment to acquire and hold Bitcoin remains strong, especially with the promising backdrop of potential increased institutional adoption."

MicroStrategy's total revenue for Q3 2023 surged by more than 3% at $129.5 million compared to its performance during the same period last year, but it listed some losses.

The company's earnings report showed a not-so-good quarter for MicroStrategy as it recorded a $143.4 million net loss, which included a digital asset impairment loss of around $34 million.

The figures for the past quarter revealed that the software developer saw a significant increase in net loss and digital asset impairment loss, which recorded $27.1 million and $0.7 million respectively for Q2 2023.

Despite this, Microstrategy CEO Phong Le said that the company is well situated to capitalize on both the tailwinds in Bitcoin and growth in our BI business."

It is worth noting that MicroStrategy's Bitcoin purchase comes amid a rally in the cryptocurrency market led by the world's largest crypto asset by market capitalization Bitcoin, which saw a record price for 2023 of $35,878 late Wednesday night.

MicroStrategy is seemingly maintaining its bullish accumulation of Bitcoin showing no sign of slowing down as the fourth Bitcoin halving approaches and spot Bitcoin exchange-traded fund (ETF) approval by the U.S. Securities and Exchange Commission (SEC) appears imminent.

BTC was trading in the green zone at $34,815.92 as of 11:43 a.m. ET on Thursday, with a 24-hour trading volume up by 38.3% at $24.49 billion–representing a 1.26% increase in the last 24 hours and a 1.6% gain over the past seven days.

According to data from CoinMarketCap, Bitcoin's total circulating supply stands at 19.53 million BTC, with its value up by 1.24% at a $677.99 billion market cap.