CandleFocus MicroStrategy Plans to Buy $42 Billion Worth of Bitcoin
2024-10-30
Author: Content Editor
Business intelligence firm MicroStrategy has announced plans to raise $42 billion over the next three years to purchase more Bitcoin. Despite this news, the company's shares are down nearly 9% in after-hours trading, as it reported underwhelming Q3 results. The company's revenue has dropped over 10%, resulting in a net loss of $340 million. Additionally, MicroStrategy took a $412.1 million impairment loss on its cryptocurrency holdings. Currently, the firm holds $18.1 billion worth of Bitcoin. Co-founder Micahel Saylor envisions turning the company into a trillion-dollar "Bitcoin bank."
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