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MicroStrategy Plans to Buy $42 Billion Worth of Bitcoin

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Wed, 30/10/2024 - 19:58
MicroStrategy Plans to Buy $42 Billion Worth of Bitcoin
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Business intelligence firm MicroStrategy has announced that it plans to raise a whopping $42 billion over the next three years in order to purchase more Bitcoin. 

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CEO Phong Le has stated that the firm remains focused on increasing value generator to its shareholders. 

The shares of MicroStrategy are down nearly 9% in after-hours trading after the company reported rather underwhelming Q3 results.  

The company's revenue has dropped by more than 10% year-over-year. Its net loss has grown to $340 million. Meanwhile, the company's gross margins have dropped to 70.4%. 

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The Virginia-based business intelligence firm also took a $412.1 million impairment loss on its cryptocurrency holders.         

According to the most recent data, MicroStrategy's Bitcoin holdings stand at $18.1 billion. 

Earlier this month, co-founder Micahel Saylor outlined his vision of turning his company into a trillion-dollar "Bitcoin bank." 

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