<

MicroStrategy buys more Bitcoin, holds $8.1 billion worth of BTC

MicroStrategy, the largest publicly traded holder of Bitcoin, announced that it acquired an additional 850 BTC in January, bringing its total holdings to 190,000 BTC — worth $8.1 billion at the current price of $43,064 per BTC.

The business software firm revealed its latest Bitcoin purchase in its Q4 2023 earnings call on Feb. 6, where it also reported a net income of $89.1 million, a significant improvement from the loss of $249.7 million in the previous year. The company’s revenue, however, decreased 6.1% to $124.5 million in the same period.

MicroStrategy executive chairman Michael Saylor attributed the company’s 2023 performance to its strategic decision to invest in Bitcoin as a hedge against inflation and currency devaluation. He said that investors recognized the broader theme of a “digital transformation” of assets, and that Bitcoin was the first new asset class of the modern era.

“2024 is the year of the birth of Bitcoin as an institutional-grade asset class,” Saylor said. “The next 15 years will be a regulated, institutional, high growth period for Bitcoin, very different from the last 15 years.”

Saylor added that MicroStrategy would continue to “create software” and work alongside Bitcoin developers working on BTC-based layer-2 networks, such as the Lightning Network, to increase the firm’s revenue and adoption in the coming years.

Saylor closed out the earnings call by saying that MicroStrategy would continue to purchase more Bitcoin, as it believes that the cryptocurrency is “the most compelling opportunity for future growth and value creation.”

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

Follow us on Reddit

You might also like

LATEST NEWS

LASTEST NEWS