MicroStrategy Bought 155 Bitcoins in October for $5.3M

The software firm now has a total of 158,400 bitcoin purchased for $4.69 billion.

Software firm MicroStrategy (MSTR) purchased 155 additional bitcoins (BTC) for $5.3 million in October.

The tokens brought MicroStrategy up to 6,607 bitcoins since the beginning of the period at an average price of $27,590 each.

The third quarter buying spree came as the price of bitcoin fell nearly 12% in the period to $26,970.

MicroStrategy ended October with 158,400 bitcoin purchased for $4.69 billion. Bitcoin rebounded with a 27% increase in October and currency sits at $34,969.40, which leaves MicroStrategy’s holdings at a roughly $850 million paper gain.

In September, the U.S. Financial Accounting Standards Board (FASB), which sets accounting standards for publicly-traded companies, desired to allow companies to use fair-value accounting that would show immediate gains and losses on their income statements.

Companies like MicroStrategy previously had to show increases in their cryptocurrencies when they sold the asset but could indicate losses on those assets once a year.

Founded in 1989, Virginia-based MicroStrategy was initially known as a provider of data intelligence software before pivoting hard into digital assets under the leadership of former CEO Michael Saylor, a bitcoin enthusiast.

Saylor handed the CEO reins over to then-president Phong Le in August 2022 after the company took a $917 million hit on its bitcoin investment. Saylor remains executive chairman.