MicroStrategy nets $100 million in profit! MicroStrategy nets $100 million in profit after placing an enormous bet on Bitcoin. MicroStrategy is a business intelligence firm.
According to data published Oct. 27 by independent crypto researcher Kevin Rooke, the company has earned more from its Bitcoin investment than their actual business activity for the last three years.
Rooke’s data has MicroStrategy’s 38,250 BTC holdings worth around $525 million during Bitcoin’s recent price surge to $13,745. This is up from $425 million at the time of purchase in August and September. MicroStrategy earned $78 million in net income in the last three and a half years.
“Our recent decision to make Bitcoin our primary treasury reserve asset is the latest example of MicroStrategy’s embrace of virtual technologies,” said CEO Michael Saylor regarding the firm’s most recent quarterly report. “The purchase of $425 million of Bitcoin during the quarter offers the possibility of greater return potential for investors than holding such balances in cash and has increased the overall visibility of MicroStrategy in the market.”
MicroStrategy, as a reminder, bought 21,454 BTC in august for $250 million – they made the cryptocurrency its primary reserve asset. The company acquired an additional 16,796 Bitcoin for $175 million shortly after their initial purchase.
Saylor was, famously, a Bitcoin bear, saying “Bitcoin’s days are numbered” in 2013. He has since become a Bitcoin Maximalist in the weeks after MicroStrategy invested $425 million dollars in the crypto-asset network.
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