MicroStrategy, the business intelligence firm led by Bitcoin bull Michael Saylor, continued accumulating more Bitcoin in October even as it posted losses in Q3 2022.
Keypoints
MicroStrategy bought 155 more Bitcoins in October for $5.3 million, adding to its existing portfolio of over 158,000 BTC.
MicroStrategy’s total Bitcoin holdings are now worth $4.69 billion, acquired at an average price of $29,586 per BTC.
The company posted a net loss of $143.4 million in Q3 2022 but remains bullish on Bitcoin for the long-term.
Other major corporate Bitcoin holders like Tesla did not add to their holdings in Q3 2022.
Bitcoin whales have been accumulating, with large addresses adding 18,924 BTC worth $650 million in late October.
MicroStrategy CEO Michael Saylor has predicted Bitcoin could 10x from current levels around $34,000.
Saylor cites the upcoming Bitcoin halving in April 2023 and possible SEC approval of a Bitcoin ETF as catalysts.
There is broader optimism around SEC approving a Bitcoin ETF in the near future which could boost prices.
The company announced it purchased 155 additional Bitcoins for $5.3 million last month. This adds to its existing hoard of over 158,400 BTC worth $4.69 billion acquired at $29,586 per coin on average.
MicroStrategy has been consistently adding to its Bitcoin stash, buying over 6,000 BTC for $167 million since July. It now holds the largest Bitcoin portfolio of any publicly traded company.
The recent purchases come despite MicroStrategy recording a net loss of $143.4 million in Q3 2022 financial results. However, the company remains staunchly confident in Bitcoin’s long-term potential.
MicroStrategy is not alone in its bullish stance. Major institutional players like Tesla and Marathon Digital continue holding large Bitcoin positions. Whale addresses also added nearly 19,000 BTC in late October, signaling renewed institutional interest.
MicroStrategy CEO Michael Saylor predicted Bitcoin’s price could surge 10x from current levels around $34,000. He cited impending catalysts like the 2023 Bitcoin halving and potential SEC approval of a Bitcoin ETF.
There is growing optimism around an SEC Bitcoin ETF approval in coming months. With reduced new supply after the halving and rising institutional demand, conditions appear ripe for a significant Bitcoin price rally.
Source : Blockonomi