MicroStrategy Plans to Buy $42 Billion Worth of Bitcoin
10/31/2024 02:58
MicroStrategy has announced its plan to raise $42 billion to buy more Bitcoin
MicroStrategy has announced its plan to raise $42 billion to buy more Bitcoin
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.
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%.
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."
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].
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