MicroStrategy Buys $37 Million in Bitcoin
07 Feb, 2024 ● Vijesti o kovanicama
![MicroStrategy Buys $37 Million in Bitcoin](https://wcms-cdn.bitmarkets.com/3657/!NASDAQ.png)
MicroStrategy, the leading publicly traded holder of Bitcoin, reported the acquisition of an additional 850 BTC in January, elevating its total holdings to 190,000 BTC, valued at $8.1 billion.
During its fourth-quarter earnings call on February 6th, the CFO of the business software firm, Andrew Kang, disclosed the acquisition of 56,650 BTC throughout 2023, averaging a price of $33,580.
In terms of financial performance, MicroStrategy posted a net income of $89.1 million, a significant improvement from a loss of $249.7 million in 2022. However, the company's revenue witnessed a 6.1% decline to $124.5 million within the same period, as indicated in the earnings statement released on February 6th.
According to MicroStrategy's executive chairman, Michael Saylor, the positive performance in 2023 reflects investors' recognition of the broader trend toward digital asset transformation.
Saylor anticipates 2024 to mark the emergence of Bitcoin as an institutional-grade asset class, representing the inception of the first new asset class in the modern era.
He foresees the next 15 years as a regulated, institutional, high-growth period for Bitcoin, contrasting sharply with the past 15 years.
MicroStrategy made headlines in December 2020 by becoming the first publicly traded company to allocate capital to Bitcoin. Since then, its share price has surged by over 300%, outperforming tech giants like Microsoft and Google, which saw growth rates of approximately 95%.
Saylor views the introduction of spot Bitcoin exchange-traded funds as a pivotal moment, elevating Bitcoin from a medium of exchange to a store of value.
He believes this evolution weakens previous criticisms of Bitcoin's viability as a currency.
Despite concerns raised by some crypto market analysts about potential competition from Bitcoin exchange-traded product providers like BlackRock and Fidelity, Saylor remains unperturbed.
He asserts that MicroStrategy will persist in developing software and collaborating with Bitcoin developers on Bitcoin-based layer-2 networks, alongside other participants in the ecosystem, to bolster the company's revenue in the forthcoming years.
Saylor concluded the earnings call by affirming MicroStrategy's commitment to continue accumulating more Bitcoin.
Sources:
https://cointelegraph.com/news/microstrategy-q4-earnings-buys-850-bitcoin-michael-saylor
https://microstrategy.zoom.us/webinar/register/WN_ugA0ofpdTvKIw6m4ng3sVQ#/registration