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MicroStrategy has made its latest Bitcoin purchase, adding 37 million dollars worth of Bitcoin to its portfolio, bringing its total holdings to 190,000 BTC. The company also purchased an additional 850 Bitcoin in January, increasing its total BTC holdings to $8.1 billion.
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MicroStrategy is the largest publicly traded Bitcoin holder. The company announced that it had purchased an additional 850 BTC in January, bringing its total holdings to 190,000 BTC worth $8.1 billion. In a fourth-quarter earnings call on February 6, 2023, the company’s CFO, Andrew Kang, stated that 56,650 BTC were purchased throughout 2023 at an average price of $33,580.
Overall, MicroStrategy reported a net income of $89.1 million, compared to a loss of $249.7 million the previous year. The company’s revenue for the same period decreased by 6.1% to $124.5 million, according to the earnings report dated February 6th.
MicroStrategy chairman Michael Saylor attributed the 2023 performance to investors’ growing awareness of the “digital transformation” theme of assets.
Michael Saylor (MicroStrategy CEO) continued:
“2024 is the year of the birth of Bitcoin as an institutional asset class, the first new asset class of the modern era. The next 15 years will be a period of regulation, institutionalization, and high growth for Bitcoin, very different from the last 15 years. We no longer need to address currency criticisms. Simply as a store of value, Bitcoin continues to outperform where it is today.”
In December 2020, MicroStrategy became the first publicly traded company to buy Bitcoin for capital allocation. Since then, the company’s stock price has increased by slightly over 300%, while technology stocks like Microsoft and Google have increased by around 95% during the same period.
Saylor stated that the rise of spot Bitcoin ETFs was a “catalytic moment” that transformed Bitcoin from a medium of exchange to a store of value, undermining criticisms that the asset does not function as a currency.
While crypto market experts have expressed concerns that Bitcoin exchange-traded product providers like BlackRock and Fidelity could erode MicroStrategy’s market share, Saylor seemed indifferent to the involvement of traditional financial firms.
He stated that MicroStrategy would continue to “build software” and collaborate with Bitcoin developers and other ecosystem participants working on BTC-based layer-2 networks to increase the company’s revenue in the coming years.
Saylor concluded the earnings call by stating that more Bitcoin would be purchased.