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MicroStrategy Bitcoin

MicroStrategy Dives Deeper Into Bitcoin, Here’s How Much BTC They Just Bought

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Software company MicroStrategy is not relenting on its ‘Bitcoin Strategy’ as a recent development suggests. The company’s co-founder, Michael Saylor, revealed that the firm had ramped up its BTC holdings following another acquisition of the flagship crypto token. 

MicroStrategy Acquires More BTC

Saylor stated in an X (formerly Twitter) post that his company had acquired an additional 850 BTC for $37.2 million in January. This brings the company’s total BTC holdings to 190,000 BTC. MicroStrategy also recently released its fourth quarter 2023 financial results, which provided more insights into its Bitcoin portfolio. 

Related Reading: Former SEC Boss Delivers Massive Jolt To Ripple Case, An End In Sight?

According to the report, the software company has acquired 31,755 BTC since the end of the third quarter of 2023 for $1.25 billion, or an average of $39,411 per BTC. These purchases are said to mark the largest quarterly Bitcoin holding increase in the last three years and the 13th consecutive quarter of the company adding more BTC to its balance sheet. 

Meanwhile, MicroStrategy’s Bitcoin bet is still in profit. The company’s financials showed that it had acquired its 190,000 BTC at an average of $31,224 per BTC, or a total cost of $5.93 billion. Considering that Bitcoin is currently trading at around $43,000, the company has an unrealized profit of $2.2 billion for its BTC holdings. 

‘Bitcoin Strategy’ Still Paying Off

MicroStrategy’s Chief Financial Officer (CFO) Andrew Kang mentioned that the company benefitted from the significant increase in Bitcoin’s price in the fourth quarter of 2023. That period happened to be when BTC’s price continued to surge on the back of rumors regarding the potential approval of the Spot Bitcoin ETFs. 

Kang also revealed that the company saw it as an opportunity to accumulate more BTC and “accrete incremental value” for their shareholders. These shareholders are reported to have benefitted from the company’s “unique Bitcoin strategy.” as the company’s stocks rose by over 300% last year thanks in no small way to its BTC exposure.  

Related Reading: Elon Musk Makes GEC Pay Doge-1 Satellite Rebooking Fee In Dogecoin – Details

Meanwhile, it is worth mentioning that there have been concerns about how much longer MicroStrategy’s BTC strategy could influence its success, especially with the launch of Spot Bitcoin ETFs. Some investors have before now invested in MicroStrategy because of the BTC exposure, but now Spot Bitcoin ETFs seem to serve as a better alternative for such investors.

Data from MarketWatch shows that the company’s stock has declined by just over 21% since the beginning of the year. This price drop could be in part due to investors who have sold off their stocks and rotated them to the Spot Bitcoin ETFs. 

Bitcoin price chart from Tradingview.com (MicroStrategy BTC)

BTC price falls to $42,900 | Source; BTCUSD on Tradingview.com
Featured image from Bitcoinsensus, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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