Business intelligence firm MicroStrategy Inc released its 2021 third quarter results on Thursday, October 28th. The company is widely known for keeping a massive amount of Bitcoins on its balance sheet.
CEO Michael Saylor was also an ardent supporter of Bitcoin. In its latest purchase, MicroStrategy said it added 9,000 BTC to its holdings during the third quarter of 2021. Thus, the company’s total Bitcoin holdings are 114,042.
As of the current Bitcoin price, the company’s Bitcoin holdings are at an astonishing $7 billion. Just to put it in context, the company’s entire market value is $7.4 billion. MicroStrategy CEO Michael Saylor he said:
We also significantly expanded our Bitcoin holdings in the quarter, adding nearly 9,000 Bitcoins to our holdings, after successfully raising capital in the quarter through our stock market offering. Today, MicroStrategy is the largest corporate owner of publicly traded Bitcoins in the world, with more than 114,000 Bitcoins. We will continue to evaluate opportunities to raise additional capital to execute our Bitcoin strategy.
During the earnings conference call, Saylor called Bitcoin “a great long-term investment for its shareholders.” In addition, Saylor noted that he is open to partnerships that would allow the company to buy more Bitcoin.
MicroStrategy’s CEO also said that the past three months have seen “extremely dramatic” developments for Bitcoin. One of the main ones is the approval of the Bitcoin ETF earlier this month. Also, he talked about how big tech players are getting into the game, referring to Twitter’s Bitcoin tipping feature.
Buying Bitcoin Dip
Earlier this week, on Wednesday, the price of BTC dropped more than 7%, down below $60,000. There was no formal announcement from Michael Saylor of adding more Bitcoins during the dive.
However, the Latin American country El Salvador profited from the opportunity. El Salvador bought 420 Bitcoins during the fall worth $25 million. With the recent purchase, El Salvador increases its Bitcoin holdings to 1,120.
Bitcoin has made big bullish moves this month. Cryptocurrency has gained more than 40% since the beginning of October. According to a Bloomberg report, the whales, great Bitcoin holders, have been feeding the rally:
The biggest market participants are increasingly confident, preferring to accumulate more rather than take profits. With the number of whales and their exposures increasing, it is clear that whales are a driving force in this latest race and remain optimistic.
Bitcoin has been on the radar of many investors. Some analysts also expect the price of Bitcoin to reach $100,000 levels by the end of this year.