As a seasoned analyst with over two decades of experience under my belt, I must admit that MicroStrategy’s ambitious Bitcoin buying spree leaves me both intrigued and concerned. While their long-term vision is commendable, the current financial performance of the company suggests a need for more balance between growth strategies and short-term profitability.
Business intelligence company, MicroStrategy, has disclosed its intention to gather an astonishing $42 billion within the next three years for the purpose of acquiring additional Bitcoin.
In simpler terms, the CEO, Phong Le, has emphasized that the company continues to work towards creating more value for its stockholders.
The shares of MicroStrategy are down nearly 9% in after-hours trading after the company reported rather underwhelming Q3 results.
Over the past year, compared to the previous one, the company’s income decreased by over 10%. This decline resulted in a larger net loss, amounting to approximately $340 million. Additionally, the company’s gross profit margins fell to 70.4% during this period.
The company headquartered in Virginia, specializing in business intelligence, recorded an impairment loss of $412.1 million on its investments in cryptocurrencies.
According to the most recent data, MicroStrategy’s Bitcoin holdings stand at $18.1 billion.
Recently, the co-founder Michael Saylor shared his plan to transform his company into a massive “Bitcoin financial institution,” potentially valued at a trillion dollars.
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2024-10-30 23:20