MicroStrategy Added Almost 9,000 Bitcoins to Its Holdings in Third Quarter

MicroStrategy (Nasdaq:MSTR), the business-intelligence software firm that holds so much bitcoin on its balance sheet that it’s become something a proxy for the world’s biggest cryptocurrency, said it added almost 9,000 bitcoins to its holdings in the the third quarter, bringing its total to 114,042.

The company said it purchased the bitcoin by “successfully raising capital in the quarter through our at-the-market equity offering.” At current prices, the value of its bitcoin holdings is worth just over $7 billion; MicroStrategy’s entire market capitalization is roughly $7.4 billion.The carrying value of MicroStrategy’s bitcoin was $2.406 billion, which reflects cumulative impairment losses of $754.7 million. Under accounting rules for digital assets, companies must report an impairment if the asset’s price goes below the company’s purchase price at any time during the quarter.MSTR said it will “continue to evaluate opportunities to raise additional capital to execute on our bitcoin strategy.”Overall, MicroStrategy reported adjusted earnings of $1.86 on revenues of $128.0 million for the quarter, beating analyst estimates for adjusted EPS of $0.64 and revenues of $127.5 million, according to FactSet. Shares of MSTR were rising 1.5% to $727.80 on Thursday after the release of the report.

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