You can also read this news on COINTURK NEWS: MicroStrategy Reveals Ambitious Bitcoin Acquisition Plan

Today marked earnings report day, with companies releasing their latest quarterly data. The price of Bitcoin surged unexpectedly to $72,500. This spike is hardly surprising given that reports from companies directly linked to cryptocurrencies, such as Robinhood, Coinbase, and MicroStrategy, were announced. What major Bitcoin strategy is highlighted in these reports?

MicroStrategy and Its Bitcoin Acquisition Strategy

The company reported earnings of $116.1 million for the last quarter, falling short of analysts’ expectations of $122.5 million. However, the increase in Bitcoin’s price significantly boosted the dollar value of the company’s reserves. The key focus here is the objective to raise $42 billion within the next three years.

MicroStrategy plans to use the $42 billion it aims to collect to purchase Bitcoin. While some funds will cover operational expenses, the majority will be directed toward Bitcoin, similar to previous bond issuances. This leads to three significant conclusions.

• MSTR shares are expected to rise significantly.
• The goal of acquiring up to $42 billion in Bitcoin will be a crucial step in creating supply scarcity, especially considering the anticipated increase in demand from the ETF sector.
• Most importantly, the company appears committed to not selling any Bitcoin for at least the next three years.

Robinhood reported $61 million in cryptocurrency revenue for the last quarter, which was below the expected $71.8 million due to lower volumes in the third quarter. Similarly, Coinbase reported $1.13 billion in revenue against an expectation of $1.25 billion for the third quarter.

The post MicroStrategy Reveals Ambitious Bitcoin Acquisition Plan appeared first on COINTURK NEWS.