Business intelligence firm MicroStrategy Inc (NASDAQ:MSTR) has reported a substantial paper gain of $900 million on its stack of 158,400 Bitcoin (CRYPTO: BTC), profiting from the recent surge in Bitcoin’s price and fueled by optimism surrounding the potential approval of spot Bitcoin exchange-traded funds (ETFs).
What Happened: As of now, Bitcoin is trading above $35,400. The apex cryptocurrency has confidently surpassed the $35,000 resistance level, which had previously limited its upward movement over the past two weeks.
Since the third quarter, MicroStrategy, founded by Michael Saylor, has added 6,067 Bitcoin (BTC) to its holdings, with another 155 acquired in October, according to the company’s November 1 results filing.
Although the firm’s revenue increased by 3% year-on-year to $129.5 million over the quarter, it recorded a net loss of $143.4 million. Notably, digital asset impairment losses and income taxes accounted for $33.6 million and ...