MicroStrategy bought $167M worth of Bitcoin in Q3 2023, holds over $4B total
Nov. 1, 2023
By Mike Dalton
Steadfast Bitcoin investor MicroStrategy announced that it purchased another batch of Bitcoin in its Q3 2023 earnings report on Nov. 1.
Andrew Kang, Chief Financial Officer (CFO) at MicroStrategy, said:
“We further increased our total bitcoin holdings to 158,400 bitcoins, adding 6,067 bitcoins since the end of the second quarter. Our commitment to acquire and hold bitcoin remains strong, especially with the promising backdrop of potential increased institutional adoption.”
The company applied different valuation methods to its Bitcoin holdings. It reported a total market value of $4.277 billion as of Sept. 30. It identified the original cost basis — that is, the purchase price — as $4.681 billion. The company also reported a much lower carrying value of $2.5451 billion, accounting for cumulative impairment losses of $2.230 billion.
Regarding its purchase of 6,067 BTC since the end of Q2, MicroStrategy said that this amount was worth $167 million in total, or $27,531 per coin.
MicroStrategy executive chairman Michael Saylor separately stated that the company acquired 155 BTC in October alone, valued at $5.3 million.
On Oct. 27, Saylor highlighted that Bitcoin outperformed certain other high-profile investments on a 2023 year-to-date basis. He provided a chart indicating that Bitcoin gained 103% over that period, while Nasdaq 100 gained 30% and gold gained 9.7%.
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