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."



Other News from Today