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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

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