SQ - Jack Dorsey's Block And Michael Saylor's MicroStrategy Are Both Big On Bitcoin — But Here's The Real Winner | Benzinga
The CEOs of Block Inc (NASDAQ:SQ) and MicroStrategy Inc (NASDAQ:MSTR), Jack Dorsey and Michael Saylor respectively, have both expressed a bullish outlook on Bitcoin (CRYPTO: BTC) and have made significant investments in the cryptocurrency through their companies.
What Happened: Block reported a 37.5% growth in Bitcoin-related revenue. The company’s Bitcoin revenue reached $2.42 billion, marking a substantial increase compared to the previous year’s $1.76 billion. Furthermore, the gross profit derived from Bitcoin also saw an improvement, rising from $36 million to $44 million year-over-year.
Of importance is the fact that the market value of these holdings exceeded their book value by $114 million.
MicroStrategy, a business intelligence firm headed by Saylor, announced the purchase of an additional 155 bitcoins in October. This acquisition brought the total number of bitcoins acquired since the beginning of Q3 to 6,607. As of the end of October, MicroStrategy owned a substantial 158,400 bitcoins, procured at a total cost of $4.69 billion, approximately $29,586 per bitcoin.
However, it’s worth noting that ...