The post MicroStrategy Plans Major Bitcoin Buy appeared on BitcoinEthereumNews.com.

Today, companies shared their latest earnings reports, resulting in an unexpected surge in Bitcoin‘s price, which reached $72,500. This rise aligns with financial disclosures from major cryptocurrency firms like Robinhood, Coinbase, and MicroStrategy. What strategies are these companies adopting regarding Bitcoin? What is MicroStrategy’s Bitcoin Acquisition Goal? MicroStrategy announced earnings of $116.1 million for the previous quarter, falling short of the $122.5 million anticipated by market observers. Despite this, the increase in Bitcoin’s value has significantly enhanced the company’s balance sheet, highlighting their ambitious goal to accumulate $42 billion worth of Bitcoin over the next three years. How Will the Funds Be Utilized? The planned $42 billion will primarily be invested in Bitcoin purchases, with some funds allocated to operational needs, reflecting previous strategies involving bond sales. This sets the stage for several critical outcomes. Shares of MSTR are predicted to see a considerable increase. The plan to acquire $42 billion in Bitcoin could create scarcity, especially with potential demand spikes from the ETF market. The company has indicated that it will hold onto its Bitcoin without selling for at least three years. In addition, Robinhood reported $61 million in cryptocurrency revenue for the last quarter, which fell short of the $71.8 million forecast, primarily due to decreased trading activity. Likewise, Coinbase’s revenue reached $1.13 billion, lower than the expected $1.25 billion. Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research. Source: https://en.bitcoinhaber.net/microstrategy-plans-major-bitcoin-buy

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Filed under: News - @ October 30, 2024 10:15 pm