According to ChainCatcher news, Michael Saylor, founder and executive chairman of Nasdaq-listed Bitcoin treasury company Strategy (formerly MicroStrategy), said that driven by the rise in Bitcoin prices, the company's digital assets recorded a book income of US$21 billion in the third quarter, returning to profitability. As of October 4, the company held 848,000 Bitcoins, worth approximately $72.6 billion at current prices, and another $5.7 billion in U.S. currency assets.
The company spent $28.7 million last week to increase its holdings of 334 Bitcoins and repurchased $176 million in STRC preferred shares. Bitcoin prices rose more than 40% in the third quarter, posting its best quarterly performance in years, and were recently quoted around $85,655, a 30-day gain of more than 8%. Strategy stock (MSTR) rose nearly 2% in New York trading following the news.
The pace of its currency purchases has slowed after Strategy announced a plan to potentially sell Bitcoin from time to time to raise up to $1.25 billion for U.S. dollar reserves, payment of preferred stock dividends and interest payments, or buybacks. The company was forced to sell Bitcoin this year, and CEO Phong Le told investors it had a "bulletproof balance sheet." Strategy reported an $8.22 billion loss in its July quarterly earnings report.