MicroStrategy, a business intelligence firm, has notched a paper gain of $900 million on its stack of 158,400 Bitcoin, spurred by optimism over the potential approval of spot Bitcoin exchange-traded funds.
Sources revealed that Michael Saylor-founded firm added 6,067 Bitcoin (BTC) since the third quarter, including another 155 in October, according to MicroStrategy’s November 1,2023, results filing, Cointelegraph added.
“Our commitment to acquire and hold bitcoin remains strong, especially with the promising backdrop of potential increased institutional adoption,” Phong Le, CEO, MicroStrategy, explained.
Furthermore, MicroStrategy capitalised on this downward period, buying the 6,067 BTC for an average price of $27,590, Cointelegraph concluded.
(With insights from Cointelegraph)
