MicroStrategy to increase its investment in bitcoin

U.S. software developer MicroStrategy, which already invested $425 million in bitcoin in September, said it plans toto increase their investments in the main cryptocurrency.

The profit and loss report for the third quarter of 2020 states that the third fiscal quarter ended with reserves of "$52.7 million in cash and debt-free."

As a result, the upcoming quarter provides for "the purchase of additional bitcoins for surplus cash taking into account market conditions and business needs."

MicrosoftStrategy Chief Financial Officer Fong Le said the move was part of "a new Treasury reserve policy that we will hold excess capital beyond what we need to do business to buy bitcoins."

«You should know that we will purchase additional bitcoins as we generate cash beyond what we need to run our business on a day-to-day basis.»Le told shareholders.

The company's current stock of bitcoins is approximately 38,250 BTC worth $519 million, which were purchased at a price of about $11,111 for 1 BTC.At the moment, BTC is trading at $13,189, having lost about 3% for the day and about as much for the week.

According to Le, the company has reaped significant and unexpected benefits from its Bitcoin buying strategy, which has boosted the company's reputation in the market, including with potential customers.

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