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Bitcoin developer MicroStrategy today reported a loss in its latest quarterly results, but the company remains fully committed to Orange Coin.
In an announcement Wednesday, the company (NASDAQ:MSTR) said it plans to raise $42 billion over the next three years to buy more Bitcoin. MicroStrategy CEO Pong Le said in a statement that the strategy is part of the company’s 21/21 Plan, with $21 billion raised in equity and another $21 billion sold in debt. said.
MicroStrategy is already the largest publicly traded holder of Bitcoin, with 252,220 coins, worth $18.2 billion today. Lee said today that the company has no plans to slow down and will continue purchasing Bitcoin.
MicroStrategy announced a $42 billion capital plan, including a $21 billion ATM equity offering and a target to raise $21 billion in debt. Please join us at 5pm ET to discuss our quarterly results. #bitcoin Financial company plans. $MSTR https://t.co/eXYELbN1Dm
— Michael Saylor ⚡️ (@saylor) October 30, 2024
“As a Bitcoin treasury company, we plan to use the additional capital to purchase more Bitcoin as a treasury reserve asset in a manner that allows us to achieve higher BTC yields,” he said.
In the company’s earnings report on Wednesday, MicroStrategy’s revenue was $116.1 million, down 10% from a year earlier and below analysts’ expectations. Net loss was $340 million, compared with a loss of $143.4 million in the prior year’s third quarter.
Once a quiet software company, Tyson, Virginia-based MicroStrategy now securitizes Bitcoin. Investors are using the company’s stock as a proxy for Bitcoin. Those who do not wish to purchase cryptocurrencies through exchanges or newly approved exchange-traded funds can gain exposure to Orange Coin by purchasing the company’s shares.
The company first purchased Bitcoin in 2020 to maximize returns to shareholders and has not stopped buying Bitcoin since then.
Bitcoin is currently trading at $72,209 after rising 9% in seven days, according to CoinGecko.
MicroStrategy stock is currently down more than 4%, trading at $247.31 a pop.
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