Business intelligence firm, MicroStrategy published its financial results for the three months ended on 30 September 2021 yesterday. The company saw a marginal increase in its revenues during Q3 of 2021, but its Bitcoin (BTC) holdings jumped by nearly 9,000 coins during the mentioned period.
MicroStrategy now holds approximately 114,000 BTC. The business intelligence firm is one of the largest institutional holders of Bitcoin. The overall value of the company’s BTC holdings jumped significantly in Q3 of 2021, mainly due to Bitcoin’s latest bullish rally.
As far as operating expenses are concerned, the figure reached $155.3 million in the third quarter, which is 23.3% higher compared to the same period last year. The company had cash and cash equivalents worth $57 million in Q3 of 2021.
“MicroStrategy delivered strong third-quarter results that demonstrated successful execution on both our operational and digital asset strategies. We also significantly expanded our BTC holdings in the quarter, adding nearly 9,000 bitcoins to our holdings after successfully raising capital in the quarter through our at-the-market equity offering,” said Michael J. Saylor, CEO of MicroStrategy.
“Today, MicroStrategy is the world’s largest publicly traded corporate owner of BTC with over 114,000 bitcoins. We will continue to evaluate opportunities to raise additional capital to execute on our bitcoin strategy,” Saylor added.
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In September 2021, MicroStrategy expanded its BTC portfolio with the purchase of 5,050 coins for nearly $243 million in cash.
MicroStrategy is not the only public-listed Bitcoin holder, several other companies including Tesla, Meitu and Square expanded their BTC portfolio significantly in the first three quarters of 2021.
“As of September 30, 2021, the original cost basis and market value of MicroStrategy’s bitcoin were $3.160 billion and $4.965 billion, respectively, which reflects an average cost per bitcoin of approximately $27,713 and a market price per bitcoin of $43,534.56, respectively,” MicroStrategy added.
In October, the total value of MicroStrategy’s BTC holdings reached a record high after BTC touched an all-time high of $66,000.