LONDON (IT BOLTWISE) – Shares in Strategy are up nearly 6% after the close after the company reported third-quarter net income of $2.8 billion. Despite a decline compared to the second quarter, the result exceeded analysts’ expectations. The company’s Bitcoin reserves play a crucial role.
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Shares of Strategy, a company with the largest Bitcoin hoarding among publicly traded firms, rose nearly 6% after the market closed. This came after the company reported an impressive third quarter net income of $2.8 billion. Although this represents a decline from the record second quarter result, it still exceeded analysts’ expectations. Strategy (MSTR) shares rose 5.7% to over $269 in the after-hours session, after ending the trading day with a loss of over 7.5% at a six-month low of $254.57.
Strategy’s performance is closely linked to the development of the Bitcoin price, which rose over 6.5% in the last quarter. This helped the company boost its revenue even as Bitcoin price fell 1.7% in the last 24 hours, recovering from an intraday low below $106,500 to $108,500. Strategy’s Bitcoin reserves are an integral part of its strategy, which aims to profit from the fluctuations of the cryptocurrency market.
In the third quarter, Strategy added 42,706 BTC to its holdings, bringing the total to 640,031 BTC as of September 30th. The company has since made further purchases and now holds 640,808 BTC, acquired at an average price of $74,032. This aggressive accumulation of Bitcoin shows the company’s confidence in the cryptocurrency’s long-term appreciation.
Strategy has reiterated its annual forecast of achieving a 30% Bitcoin return with a net result of $24 billion, based on the assumption that the Bitcoin price will reach $150,000. This bullish assessment reflects the belief that demand for Bitcoin will continue to grow, especially given the increasing adoption of cryptocurrencies in the mainstream financial sector. The company’s strategy of betting on Bitcoin could prove game-changing if the market continues to perform positively.
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