2024

Bitcoin

Penny

Coin

<p><span style="font-weight: 400;">MicroStrategy, the business intelligence firm founded by Bitcoin bull Michael Saylor, has seen its bet on the leading cryptocurrency payoff as the company’s unrealized profits blast past $3 billion.</span></p>
<p><span style="font-weight: 400;">The company holds 190,000 BTC valued at more than $9 billion at the </span><a href="https://www.coingecko.com/en/coins/bitcoin" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">current price.</span></a><span style="font-weight: 400;"> MicroStrategy now owns more than 1% of the leading crypto’s current circulating supply of around 18.6 million.<img src="https://coingape.com/wp-content/uploads/2024/01/michael-saylor-1.jpg" alt="Michael Saylor Makes Important MicroStrategy Bitcoin Statement"></span></p>
<h2 id="span-style-font-weight-400-microstrategy-has-been-actively-accumulating-btc-since-2020-span"><span style="font-weight: 400;">MicroStrategy Has Been Actively Accumulating BTC Since 2020</span></h2>
<p><span style="font-weight: 400;">MicroStrategy started investing in </span><a href="https://insidebitcoins.com/news/blackrock-and-fidelity-spot-bitcoin-etfs-gather-more-assets-in-first-month-than-any-other-us-etf-in-30-years" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">BTC</span></a><span style="font-weight: 400;"> in 2020 when the crypto was starting to attract the attention of institutional investors. Since making its first purchase of approximately $250 million worth of Bitcoin in August 2020, the firm has steadily topped up its holdings. </span></p>
<p><span style="font-weight: 400;">A recent </span><a href="https://www.microstrategy.com/press/microstrategy-announces-fourth-quarter-2023-financial-results-now-holds-190000-btc_02-06-2024" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">disclosure</span></a><span style="font-weight: 400;"> shows that MicroStrategy acquired its holdings for a total cost of $5.93 billion, which is around $31,224 per BTC coin.</span></p>
<p><span style="font-weight: 400;">The company </span><a href="https://insidebitcoins.com/news/microstrategy-buys-37-million-more-bitcoin-bringing-total-to-8-1-billion-as-michael-saylor-says-btc-is-now-institutional-grade-asset" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">revealed</span></a><span style="font-weight: 400;"> in its fourth quarter earnings call on Feb. 6 that it purchased another 850 BTC last month.&nbsp;</span></p>
<h2 id="span-style-font-weight-400-saylor-maintains-a-long-term-bullish-outlook-on-btc-span"><span style="font-weight: 400;">Saylor Maintains A Long-Term Bullish Outlook On BTC</span></h2>
<p><span style="font-weight: 400;">Saylor has said that the company is committed to the long-term success of Bitcoin. As such, the company has no intention of sellings its holdings anytime soon. He also believes that 2024 will be a pivotal year for BTC.</span></p>
<blockquote class="twitter-tweet">
 <p><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> is Timeless. <a href="https://t.co/Y8ZXXg7hhd" rel="noopener noreferrer nofollow">pic.twitter.com/Y8ZXXg7hhd</a></p>
 <p>— Michael Saylor⚡️ (@saylor) <a href="https://twitter.com/saylor/status/1754869210776257020?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 6, 2024</a></p>
</blockquote>
<p></p>
<p><span style="font-weight: 400;">“2024 is the year of the birth of </span><a href="https://insidebitcoins.com/news/bitcoin-on-chain-volume-surged-in-january-reaching-highest-level-since-september-2022" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">Bitcoin</span></a><span style="font-weight: 400;"> as an institutional-grade asset class,” said Saylor in the earnings call. “It’s the first new asset class of the modern era. The next 15 years will be a regulated, institutional, high growth period for Bitcoin, very different from the last 15 years.”</span></p>
<p><span style="font-weight: 400;">MicroStrategy’s chief financial officer, Andrew Kang, revealed in the earnings call that the company bought a total of 56,650 BTC in 2023 at an average price of $33,580. This means that with BTC trading at $47,887 as of 6:25 am EST, the company’s profit on BTC for 2023 alone was more than $810K.</span></p>
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MicroStrategy Bitcoin Profits Top $3 Billion As Firm Led By Michael Saylor Now Holds More Than 1% Of BTC’s Supply

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