MicroStrategy, a leading business intelligence and software company, has once again demonstrated its unwavering commitment to Bitcoin by purchasing an additional 850 BTC at a total cost of $37.2 million. This announcement was made by the company’s Founder and Chairman, Michael Saylor.
According to Andrew Kang, MicroStrategy’s Chief Financial Officer, the company has acquired 31,755 more bitcoins since the end of the third quarter. This marks the largest quarterly increase in bitcoin holdings in the past three years and the 13th consecutive quarter of adding more bitcoin to their balance sheet. Kang also highlighted that the company has benefited from the significant increase in bitcoin prices in the fourth quarter. Additionally, MicroStrategy has leveraged its strategic capital markets activities and cash on hand to accumulate more bitcoin, thereby creating incremental value for its shareholders. Currently, MicroStrategy holds a staggering 190,000 bitcoins, which were purchased at an aggregate price of $31,224.
MicroStrategy initially entered the Bitcoin market in August 2020, making a substantial investment of $250 million into BTC. Since then, the company has consistently added to its Bitcoin holdings, adopting a treasury reserve strategy. At present, MicroStrategy’s bitcoin holdings are worth more than $8.2 billion.
Phong Le, MicroStrategy’s President and Chief Executive Officer, expressed his satisfaction with the company’s performance in 2023. He highlighted the strategic capital raising efforts that significantly increased their bitcoin holdings. Le also mentioned the company’s innovation, including the development and launch of MicroStrategy AI, their first-to-market AI-based business intelligence tool. Furthermore, MicroStrategy achieved double-digit subscription services revenue growth for both the fourth quarter and the full year, demonstrating their commitment to transitioning their business to the cloud. Le believes that the combination of their operating structure, bitcoin strategy, and focus on technology innovation presents a unique opportunity for value creation for their shareholders.
As the fourth Bitcoin halving approaches, MicroStrategy shows no signs of slowing down its aggressive bitcoin investment strategy. The company’s continuous accumulation of bitcoin demonstrates its confidence in the long-term potential of the cryptocurrency. MicroStrategy’s unwavering commitment to Bitcoin has solidified its position as a major player in the crypto industry and has garnered attention from investors and industry experts alike.
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