MicroStrategy’s Bitcoin Holdings Reach 190,000 BTC

MicroStrategy Bitcoin Holdings has increased its holdings by acquiring 850 Bitcoins in January, bringing its total to 190,000 Bitcoins worth $8.1 billion

The largest publicly traded Bitcoin holder, MicroStrategy has reported that it purchased an additional 850 bitcoins in January. The company’s total Bitcoin holdings now amount to 190,000 Bitcoins, currently valued at $8.1 billion.

During the results call for the fourth quarter of 2023, which took place on February 6, the chief financial officer of the business software company, Andrew Kang, stated that the company had acquired 56,650 Bitcoins over the course of 2023 at an average price of $33,580.

MicroStrategy reported a net income of $89.1 million for the year 2022, which is significantly higher than the company’s loss of $249.7 million in 2022. The company’s revenue within the same time frame declined by 6.1%, reaching $124.5 million, according to an earnings statement released on February 6th.

Michael Saylor, the executive chairman of MicroStrategy, stated that the company’s performance in 2023 may be due to investors seeing the overarching theme of a “digital transformation” of assets.

“2024 is the year of the birth of Bitcoin as an institutional-grade asset class, in fact, it’s the first new asset class of the modern era.”

Saylor predicted that the next 15 years will see strong growth for Bitcoin, with regulation, institutionalization, and high growth as defining characteristics. By purchasing Bitcoin for the purpose of capital allocation in December of 2020.

MicroStrategy made history by becoming the first publicly traded firm to do so. Since then, the share price of the company has increased by more than 300 percent, while the share prices of other technology companies, such as Microsoft and Google, have increased by approximately 95 percent.

In addition, Saylor stated that the introduction of spot Bitcoin exchange-traded funds had been a “catalytic moment,” which transformed Bitcoin from a medium of exchange to a store of value. Saylor’s statement renders the previous charges against the commodity’s inability to function as a currency less valid.

It is no longer necessary for us to respond to any of the criticisms regarding the currency. According to Saylor, there is no reason why Bitcoin cannot continue to outperform 100X from where it is right now. This is just because Bitcoin is a store of value alone.

Saylor was unconcerned by any invasion by traditional financial businesses, despite the fact that crypto market pundits have expressed concerns that Bitcoin exchange-traded vehicle providers like BlackRock and Fidelity will continue to eat away at MicroStrategy’s market share.

He stated that MicroStrategy would continue to “create software” and collaborate with Bitcoin developers on Bitcoin-based layer-2 networks, in addition to working with other participants in the ecosystem, in order to enhance the company’s profitability in the years to come. During the final portion of the earnings call, Saylor stated that MicroStrategy would proceed with the acquisition of further bitcoin.