Microstrategy
- MicroStrategy bought 9,000 bitcoin in the third quarter, bringing its total holdings to 114,042.
- The data analytics firm, famously headed by crypto bull Michael Saylor, said it wants to add more.
- MicroStrategy stock has rallied about 70% so far this year.
Microstrategy, the tech company headed by crypto bull Michael Saylor, has upped its wager on bitcoin and plans to keep adding more.
The firm bought 9,000 bitcoin in the quarter ended Sept. 30, bringing its total bitcoin count to 114,042, according to a company filing. That stockpile is now worth about about $7 billion, and Microstrategy is looking to buy more.
"We will continue to evaluate opportunities to raise additional capital to execute on our bitcoin strategy," CEO Michael Saylor said in a Thursday statement.
Saylor, who famously lost $6 billion in a single day during the height of the dot-com bubble, has re-emerged as a crypto king. His company MicroStrategy is a data analytics firm based in Tysons Corner, Virginia. Its shares have rallied nearly 70% so far this year.
In MicroStrategy's third-quarter results reported Thursday, the company said it recorded impairment losses of $754.7 million on its bitcoin holdings, though that was before the cryptocurrency's rally in October that pushed it to all-time high prices near $67,000.
The cryptocurrency has more than doubled in price so far this year. Hype around bitcoin surged with its price in October after the US Securities and Exchange Commission approved the first bitcoin futures exchange-traded funds.
The recent bitcoin rallies, though, are in large part due to crypto whales and long-term holders hanging onto their coins, analysis firm Kraken said in a report. The trend is causing a so-called "supply shock" and adding to higher prices.