{"id":185945,"date":"2023-11-02T18:02:58","date_gmt":"2023-11-02T12:32:58","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=185945"},"modified":"2023-11-02T18:02:58","modified_gmt":"2023-11-02T12:32:58","slug":"microstrategy-buys-more-bitcoin-as-q3-loss-widens-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/microstrategy-buys-more-bitcoin-as-q3-loss-widens-crypto-news\/","title":{"rendered":"MicroStrategy Buys More Bitcoin as Q3 Loss Widens – Crypto News"},"content":{"rendered":"
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Software company MicroStrategy has announced that it has bought another 6,067 Bitcoin<\/a><\/span> for $167 million since the end of Q2 2023\u2014bringing its total holdings to 158,400 Bitcoin acquired for a total cost of $4.69 billion, or $29,586 per coin.<\/p>\n

The company, which has been one of the most aggressive corporate buyers of Bitcoin, said it acquired the additional coins at an average price of $27,531.<\/p>\n

This includes the acquisition of an additional 155 Bitcoin for $5.3 million in October, as revealed by MicroStrategy\u2019s chairman Michael Saylor.<\/p>\n

“Our commitment to acquire and hold Bitcoin remains strong, especially with the promising backdrop of potential increased institutional adoption,” said MicroStrategy\u2019s Chief Financial Officer Andrew Kang in a statement.<\/p>\n

MicroStrategy’s Bitcoin purchase comes amid a rally in the cryptocurrency market, which saw Bitcoin reach a record price for this year of $35,878 late on Wednesday night, according to CoinGecko<\/a>.<\/p>\n

The leading cryptocurrency was changing hands at $35,332 by press time, up 2.6% over the past 24 hours, and is up 72.5% since the start of the year.<\/p>\n

MicroStrategy\u2019s net loss widens<\/h2>\n

In its third-quarter earnings report<\/a>, MicroStrategy showed a 3.3% increase in revenue to $130 million. However, the company posted a net loss of $143.4 million\u2014a tally substantially worse than its net loss of $27 million in the same period last year.<\/p>\n

The company also recognized an impairment loss of $125.8 million on its Bitcoin stash during the quarter, as the market price of the leading cryptocurrency was lower than its carrying value as of September 30, 2023.<\/p>\n

“Provision for income taxes of $109.6 million and $24.0 million for the third quarter of 2023 and 2022, respectively, were reflected in net loss, principally reflecting changes in the valuation allowance on the Company\u2019s deferred tax asset related to the impairment on its bitcoin holdings,” the company said.<\/p>\n

MicroStrategy first bought<\/a> the cryptocurrency in August 2020 and currently holds approximately 0.75% of Bitcoin\u2019s circulating supply, according to Bitcoin Treasuries<\/a>.<\/p>\n

MicroStrategy\u2019s stock was trading around $426 at the closing bell on Wednesday, up 29% over the past month.<\/p>\n

Edited by Stephen Graves<\/a><\/i><\/p>\n

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Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Software company MicroStrategy has announced that it has bought another 6,067 Bitcoin for $167 million since the end of Q2 2023\u2014bringing its total holdings to 158,400 Bitcoin acquired for a total cost of $4.69 billion, or $29,586 per coin. The company, which has been one of the most aggressive corporate buyers of Bitcoin, said it […]<\/p>\n","protected":false},"author":2,"featured_media":185946,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-185945","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/185945","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=185945"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/185945\/revisions"}],"predecessor-version":[{"id":185952,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/185945\/revisions\/185952"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/185946"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=185945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=185945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=185945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}