MicroStrategy, the largest company in terms of bitcoin holdings, posted a $727,000 depreciation of its bitcoin holdings in the third quarter of 2022.

The company bought an additional 301 bitcoins between July and October, bringing its total bitcoin holdings to 130,000.

“MicroStrategy” announces third quarter 2022 results:

The US trade intelligence agency continued to pursue its Bitcoin agenda in the third quarter of 2022 and bought more Bitcoins.

At the time of writing this article, MicroStrategy’s holdings are valued at $2.6 billion.

Andrew Kang, the company’s chief financial officer, said:

In further commitment to our Bitcoin strategy, MicroStrategy acquired approximately 301 additional Bitcoins this quarter and remains the world’s largest publicly traded Bitcoin holder with total holdings of 130,000 Bitcoins.

Despite the slight rise in the price of Bitcoin over the past few days, the company is still facing a massive unrealized loss of $1.4 billion.

MicroStrategy spent nearly $4 billion amassing its bitcoin stock over the years at an average price of just over $30,000.

Kang revealed that MicroStrategy reported a $727,000 decline on its bitcoin holdings in the third quarter due to the relatively stable valuation of the asset.

By comparison, in the second quarter, when the price of bitcoin was between $47,000 and $18,000, the company announced a decline in value of $917 million.

MicroStrategy’s third-quarter revenue totaled $125.4 million, topping the Zacks Consensus Estimate by 0.05%. Gross profit was $100 million, compared to $105.7 million for the third quarter of 2021.

The announced financial numbers had a positive impact on shares of MicroStrategy, which rose more than 3%.

However, it fell to last week’s ratings in the following hours.

Future Plans for “Microstrategy” Towards Bitcoin:

Michael Saylor, co-founder of MicroStrategy and a vocal supporter of Bitcoin, stepped down as CEO in August to become the company’s CEO.

He stressed that the amendments would benefit the company structure and allow it to acquire more bitcoin.

A recent filing with the SEC indicated that MicroStrategy is looking to raise $500 million of its stock for general corporate purposes, including the purchase of bitcoin.

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