MicroStrategy remains committed to its Bitcoin strategy and is confident in its business analytics products.
Due to optimism regarding the potential approval of spot Bitcoin exchange-traded funds, business intelligence firm MicroStrategy has recorded a paper gain of $900 million on its stack of 158,400 Bitcoin.
The company founded by Michael Saylor has added 6,067 bitcoins (BTC) since the third quarter, including 155 more in October, according to MicroStrategy’s November 1 earnings report.
MicroStrategy CEO Phong Le stated that the company will not abandon its Bitcoin strategy anytime soon.
“Our commitment to acquire and hold bitcoin remains strong, especially with the promising backdrop of potential increased institutional adoption.”
The company’s quarterly revenue increased by 3% year-over-year to $129.5 million, but it was not enough to prevent a net loss of $143.4 million.
$33.6 million is attributable to impairment losses and income taxes on digital assets. The firm noted that the total net losses amounted to $109.6 million.
Despite Bitcoin’s recent price increase, BTC dropped 11.5% from $30,480 to $26,970 during the third quarter (July 1 to September 30).
MicroStrategy took advantage of this decline by purchasing 6,067 BTC at an average price of $27,567.
Swiss Bank Launches Bitcoin and Ether Trading Services
One of Switzerland’s largest cantonal banks has launched digital asset custody and brokerage services for its clients, in partnership with SEBA Bank.
This week, St. Galler Kantonalbank announced the launch of custody and trading services for bitcoin and ether to a select group of clients. SGKB added that it has plans to expand its digital asset offerings with the addition of more cryptocurrencies, based on client demand.
SGKB is using Swiss-based SEBA Bank to provide digital asset brokerage and custody services.
“St.Galler Kantonalbank and SEBA signed the contract earlier this year, after a short implementation project, SGKB is now ready to offer access to cryptocurrencies to a selected group of clients, in a first step bitcoin and ether, other currencies will follow shortly,”
SEBA Bank Head – Christian Bieri
Sam Bankman-Fried Trial Closing Arguments
Sam “SBF” Bankman-Fried’s trial has entered the final stages, with the prosecution delivering its closing arguments in the case on Nov. 1.
Closing arguments are the last opportunity for lawyers to convince the jury and judge that they should win the case. Prosecutors had previously estimated that their closing arguments would take up to four hours. Right afterward, Bankman-Fried’s defense will also present its closing arguments.
“That’s fraud. It’s stealing, plain and simple. Before FTX, there was Alameda,” Assistant United States Attorney Nicolas Roos reportedly told jurors, presenting one of the many charts the government used as evidence.
The former CEO of FTX is facing seven counts of fraud and conspiracy to commit fraud. Bankman-Fried could serve up to 115 years in prison if convicted. A jury of 12 will decide his fate in the coming days.
As part of the prosecution’s case against Bankman-Fried, nearly 20 witnesses testified that he deceived investors, customers and partners of FTX while commingling funds with Alameda Research.
“The defendant set up two separate ways. If you believe even one of the three cooperators, the defendant is guilty. An unlimited line of credit just means unlimited money from FTX. Ellison told you, he directed us. Gary Wang said the same.”
The defense, on the other hand, tried to present Bankman-Fried as an entrepreneur who made “terrible mistakes” in good faith, denying accusations he directed his inner circle to make political contributions and venture investments and purchase luxury real estate with customer funds.
Bankman-Fried’s defense faces a tough challenge in persuading jurors that he is innocent of the charges, as the government presented extensive evidence, including testimony from officials and law enforcement agents involved in the case. Roos continued:
“The defendant marketed the liquidation engine, saying FTX was safe. He told Congress, collateral must be placed on the platform itself, not just pledged. But the secret rules allowed Alameda to borrow billions without any risk of being liquidated.”