MicroStrategy replenishes its crates with 9000 more Bitcoins

Microstrategy added nearly 9,000 BTCs to its portfolio in the third quarter, increasing its assets to 114,000 bitcoins. The managed company Michaël Saylor currently owns the equivalent of $7 billion in BTC.

In its financial report of the previous quarter, MicroStrategy revealed that it spent $3.16 billion to acquire 8,957 bitcoins at the average cost of with an average cost of about $27,713 per corner.

A year after its first purchase of $425 million of bitcoin, the American company confirms its greed for the first cryptocurrency as a providential value to fight inflation.

A Trend To Accumulation That Should Persist

MicroStrategy has indicated that it will continue to buy bitcoins in the future and it does not intend to sell its positions. In the financial report, the company stated:

Today, MicroStrategy is the largest publicly traded company that owns bitcoins with more than 114,000 bitcoins. We will continue to assess opportunities to raise additional capital to implement our Bitcoin strategy.
The interest in Digital Gold is justified because if the company were to sell its assets, it would have made a profit of $4 billion. This represents about a 60% gain on the total BTC purchased.

Bitcoin ETF Could Damn MicroStrategy's Pawn

For its support and assets, MicroStrategy stock is considered by many investors as a good proxy to expose themselves to bitcoin. However, the launch of the Bito ETF on the American stock exchange could compete with MSTR especially since it represents a much more direct exposure than the company.

The company's share fell by 2.7% when the ProShares ETF was launched on Nasdaq. Other bitcoin proxies saw their actions plunge into BITO listing. The shares of Marathon Digital Holdings Inc. (MARA) and Bitfarms Ltd. (BITF) lost 5% during this day.