MicroStrategy Open to Buying Yet More Bitcoin After Adding 9,000
(Bloomberg) -- MicroStrategy Inc. increased on its big bet on Bitcoin in the third quarter, adding almost 9,000 of the tokens, and said it will consider raising additional money to keep doing so.
The tech firm, headed by prominent Bitcoin bull Michael Saylor, had 114,042 units of the largest cryptocurrency as of the end of September, according to a company filing. The company has raised $399.5 million this year through Sept. 30 via share offerings and had another $596 million still available for sale via its current open market sale agreement, the company said.
“We will continue to evaluate opportunities to raise additional capital to execute on our Bitcoin strategy,” Saylor said in the company statement.
The firm reported adjusted earnings of $1.86 per share in the period, well ahead of the $1.24 average analyst estimate compiled by Bloomberg. Revenue increased 0.5% from a year ago.
MicroStrategy reported cumulative impairment losses on its Bitcoin holdings of $754.7 million since acquisition as of Sept. 30, although the results came before an almost 40% rally in Bitcoin this month to push the crypto to a record high of almost $67,000.
Shares of MicroStrategy are up 85% this year amid the resurgence of Bitcoin and other cryptocurrencies, spurred on by bets in increasing mainstream adoption of digital assets.
At the same time, the debut of the first Bitcoin-linked exchange-traded fund in the U.S. this month has also taken some of the investor attention away from companies like MicroStrategy that offer exposure to the digital asset.
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