MicroStrategy Corp.MSTR)a prominent Bitcoin advocate, saw his shares fall nearly 5% after hours following the news that the business intelligence company intends to continue growing its Bitcoin holdings despite a decline in overall revenue.

Founded by former dot-com entrepreneur Michael Saylor, MicroStrategy has long championed Bitcoin, which has now become part of its business model. In its third quarter earnings report, MicroStrategy bills itself as a “Bitcoin treasury company” and announced plans to raise $42 billion in capital over the next three years through a balanced mix of $21 billion in equity and $21 billion in securities. fixed income – an initiative the company calls its “21/21 Plan.”

The company announced a cumulative BTC return of 17.8% for 2024 and announced a revision of its long-term goal, targeting an annual BTC return of 6% to 10% from 2025 to 2027.

“As a Bitcoin treasury company, we plan to use the additional capital to purchase more bitcoins as a treasury reserve asset in a way that will allow us to achieve a higher BTC yield,” said Phong Le, president and CEO of MicroStrategy, in a press release.

The company announcement it raised $2.1 billion via equity and debt, increasing its Bitcoin holdings by 11% over a three-month period. For the third quarter ending September 2024, analysts forecast a 6.2% year-over-year revenue decline to $121.5 million.

However, the company reported total revenue of $116.1 million, down 10.3% from the same period last year. While an adjusted loss of -$0.02 per share was expected, the company instead reported a much larger adjusted loss of -$1.56 per share.

As the largest publicly traded Bitcoin holding company, MicroStrategy held approximately 252,220 Bitcoins as of September 2024, marking an increase from the 226,500 Bitcoins reported in the previous quarter.

With a current Bitcoin price of $72,000, the company’s Bitcoin account is worth over $18 billion. This aggressive accumulation strategy underscores the company’s unwavering commitment to Bitcoin, positioning it as a key player in corporate investment in cryptocurrencies.

For the latest news, Facebook, Twitter And Instagram.