Bitcoin

Read

Billion

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Business intelligence firm MicroStrategy has <a href="https://www.businesswire.com/news/home/20241030040519/en/MicroStrategy-Announces-Third-Quarter-2024-Financial-Results-%C2%A0Holds-252220-BTC-with-BTC-Yield-of-17.8-YTD-%C2%A0Announces-42-Billion-Capital-Plan" rel="noopener noreferrer nofollow">announced</a> 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." <a href="https://u.today/microstrategy-plans-to-buy-42-billion-worth-of-bitcoin" rel="noopener noreferrer nofollow">Read original article on U.Today</a>

MicroStrategy Plans to Buy $42 Billion Worth of Bitcoin

U_Today

Other articles published on Oct 30, 2024

Chainlink Unveils CRE Upgrade to Boost Blockchain Network Integration

Litecoin’s Hashrate Soars, Price Surges to $72.69

BlackRock’s IBIT Records Highest Trading Volume in Nearly Six Months

Michael Saylor's Legacy: Donating His Bitcoin Wealth to Humanity, Inspired by Satoshi Nakamoto

Binance Appoints Jeff Li as Vice President of Product

Visa and Coinbase partner for instant crypto buys with debit cards

Join our free newsletter for daily crypto updates!