MicroStrategy Bought 155 Bitcoins in October for $5.3M

Software firm MicroStrategy (MSTR) bought 155 additional bitcoins (BTC) for $5.3 million in October.

Bitcoin rose 27% in October and the currency’s price now sits at $34,969.40.

The company has acquired 6,607 bitcoins since the end of the second quarter, the company said in its Q3 earnings press release. MicroStrategy said that it has 158,400 bitcoins purchased for $4.69 billion.

“Our commitment to acquire and hold bitcoin remains strong, especially with the promising backdrop of potential increased institutional adoption,” said Andrew Kang, Chief Financial Officer, MicroStrategy.

In September, the U.S. Financial Accounting Standards Board (FASB), which sets accounting standards for publicly-traded companies, desired to allow companies to use fair-value accounting that would show immediate gains and losses on their income statements.

Companies like MicroStrategy previously had to show increases in their cryptocurrencies when they sold the asset but could indicate losses on those assets once a year.

Founded in 1989, Virginia-based MicroStrategy was initially known as a provider of data intelligence software before pivoting hard into digital assets under the leadership of former CEO Michael Saylor, a bitcoin enthusiast.

Saylor handed the CEO reins over to then-president Phong Le in August 2022 after the company took a $917 million hit on its bitcoin investment. Saylor remains the executive chairman of the firm.