Machine firm MicroStrategy (MSTR) sold 155 further bitcoins (BTC) for $5.3 million in October.

Bitcoin rose 27% in October and the forex’s price now sits at $34,969.40.

The company has obtained 6,607 bitcoins since the end of the 2d quarter, the company said in its Q3 earnings press originate. MicroStrategy said that it has 158,400 bitcoins bought for $4.69 billion.

“Our dedication to assemble and defend bitcoin remains sturdy, especially with the promising backdrop of likely elevated institutional adoption,” said Andrew Kang, Chief Monetary Officer, MicroStrategy.

In September, the U.S. Monetary Accounting Standards Board (FASB), which gadgets accounting standards for publicly-traded firms, desired to enable firms to make employ of horny-worth accounting that may maybe well demonstrate rapid gains and losses on their profits statements.

Firms love MicroStrategy beforehand needed to illustrate will increase of their cryptocurrencies after they offered the asset nonetheless may maybe well additionally articulate losses on these resources once a yr.

Basically based in 1989, Virginia-primarily based mostly MicroStrategy change into to start with identified as a provider of recordsdata intelligence software before pivoting onerous into digital resources below the leadership of ragged CEO Michael Saylor, a bitcoin fanatic.

Saylor handed the CEO reins over to then-president Phong Le in August 2022 after the company took a $917 million hit on its bitcoin investment. Saylor remains the executive chairman of the firm.