Bitcoin

<a class="editor-rtfLink" href="https://coingape.com/miller-value-cfa-advocates-microstrategy-stock-over-bitcoin-etf/" target="_blank" rel="noopener noreferrer nofollow">MicroStrategy</a>&nbsp;has increased its Bitcoin holdings, Michael Saylor revealed in a post on X on the sidelines of the company’s Q4 2023 results. MicroStrategy reportedly acquired 850 Bitcoin in January for $37.2 million, boosting its total holdings to 190,000 BTC.
The company’s aggressive acquisition strategy is evident in its recent purchase of 31,755 bitcoins since the end of the third quarter for $1.25 billion, averaging $39,411 per bitcoin.
<h2 id="span-data-preserver-spaces-true-microstrategy-holds-190-000-btc-span">MicroStrategy holds 190,000 BTC</h2>
As of February 5, 2024, MicroStrategy’s&nbsp;<a class="editor-rtfLink" href="https://coingape.com/breaking-microstrategy-buys-615-million-worth-of-bitcoin-50000-btc-price-soon/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a>&nbsp;portfolio is a staggering 190,000 bitcoins, acquired at an average cost of $31,224 per bitcoin, totaling $5.93 billion. This strategic accumulation has positioned MicroStrategy as the largest corporate holder of Bitcoin.
According to Bitcoin Treasuries, MicroStrategy dominates 0.901% of the total BTC supply. The company’s investment in Bitcoin shows a profitable ratio of 1.39 in terms of the current value of BTC compared to its cost basis.
Based on the quarter four results for 2023, MicroStrategy witnessed a 6% year-over-year decline in total revenues. The revenue stood at $124.5 million. However, the company successfully pivoted towards cloud-based services and launched MicroStrategy AI, its first AI-based business intelligence tool.
Despite that, MicroStrategy’s financial results for the fourth quarter of 2023 were&nbsp;<a rel="noopener noreferrer nofollow" class="editor-rtfLink" href="https://www.microstrategy.com/press/microstrategy-announces-fourth-quarter-2023-financial-results-now-holds-190000-btc_02-06-2024" target="_blank">mixed</a>.
<h2 id="span-data-preserver-spaces-true-decline-in-revenue-span">Decline in revenue</h2>
It reported loss from operations of $42.8 million, an improvement from the previous year’s loss of $193.7 million. However, the company turned a net income of $89.1 million, or $4.96 per share, a significant rebound from a net loss of $249.7 million, or $21.93 per share, in the fourth quarter of 2022. This turnaround was partly due to the reduced digital asset impairment losses, which were $39.2 million for the quarter, down from $197.6 million in the previous year.
As of December 31, 2023, the carrying value of MicroStrategy’s digital assets was $3.626 billion, reflecting cumulative impairment losses of $2.269 billion since the acquisition. Despite these losses, the original cost basis and market value of the company’s Bitcoin holdings were $5.895 billion and $8.045 billion, respectively, showcasing a substantial appreciation in value.
MicroStrategy’s continued investment in Bitcoin amidst volatile prices means institutional confidence. At press time, BTC remains resilient above the $43,000 level.
Also Read:&nbsp;<a class="editor-rtfLink" href="https://coingape.com/microstrategy-earnings-michael-saylor-hints-revealing-mstr-bitcoin-strategy/" target="_blank" rel="noopener noreferrer nofollow">Michael Saylor: MicroStrategy Earnings; Saylor Hints At Revealing MSTR’s Bitcoin Strategy</a>
The post <a href="https://coingape.com/microstrategys-bitcoin-accumulation-hits-190000-btc-amid-q4-revenue-dip/" rel="noopener noreferrer nofollow">MicroStrategy’s Bitcoin Accumulation Hits 190,000 BTC Amid Q4 Revenue Dip</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

MicroStrategy’s Bitcoin Accumulation Hits 190,000 BTC Amid Q4 Revenue Dip

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