MicroStrategy Buys Another $37M More of Bitcoin, BTC Holding Now $8.1B
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MicroStrategy Buys Another $37M More of Bitcoin, BTC Holding Now $8.1B

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Created 4mo ago, last updated 4mo ago

MicroStrategy, the leading public Bitcoin holder, continues its bullish stance, acquiring another 850 BTC in January, bringing its total to 190,000, worth a staggering $8.1 billion.

MicroStrategy Buys Another $37M More of Bitcoin, BTC Holding Now $8.1B
MicroStrategy, the leading public Bitcoin holder, continues its bullish stance, acquiring another 850 BTC in January, bringing its total to 190,000, worth a staggering $8.1 billion. During their Q4 2023 earnings call, CFO Andrew Kang revealed the company purchased 56,650 BTC throughout 2023 at an average price of $33,580. Despite a revenue decline of 6.1% to $124.5 million, MicroStrategy posted a net income of $89.1 million compared to a previous year's loss.
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Executive Chairman Michael Saylor attributed the improved performance to investors recognizing Bitcoin's role in the "digital transformation" of assets. He boldly claims 2024 marks "the birth of Bitcoin as an institutional-grade asset class," even calling it "the first new asset class of the modern era."

Saylor predicts a "regulated, institutional, high growth period" for Bitcoin in the next 15 years, a stark contrast to its volatile past. This optimism stems, in part, from the arrival of spot Bitcoin ETFs, which Saylor believes solidify Bitcoin's position as a store of value, dispelling criticisms of its lack of currency functionality.

Despite concerns about competition from traditional finance firms like BlackRock and Fidelity entering the Bitcoin space, Saylor remains unfazed. MicroStrategy, he said, will focus on software development, collaboration with Bitcoin developers, and participation in the wider ecosystem to drive future revenue growth.

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