Michael Saylor’s MicroStrategy Earned $37.2M in Bitcoin
In January, Michael Saylor's MicroStrategy firm bought an additional 850 bitcoins, worth about $37.2 million.
Currently, the company has 190,000 Bitcoins at a total cost of $5.93 billion. Despite this, the company's total revenue was down 6 percent year-on-year.
Saylor leverages Bitcoin's flexibility, embraces AI
In a recent report, MicroStrategy highlighted the success of the past year, focusing on the adoption of artificial intelligence (AI) for business intelligence strategies.
“2023 has been an extraordinary year as we strategically raise capital to significantly grow our Bitcoin holdings and continue to innovate, developing microstrategy AI and bringing an AI-based BI tool to market.”
Read more: Bitcoin price prediction for 2024/2025/2030
Furthermore, the company announced that they have acquired a large amount of Bitcoin by taking advantage of the market volatility from the end of September 2023 to record the average purchase price below the current price of Bitcoin.
“Since the end of Q3, 31,755 bitcoins have been purchased for $1.25 billion, or $39,411 per bitcoin.”
Meanwhile, at the time of publication, the price of Bitcoin is $43,081. The average price MicroStrategy Bitcoin has achieved is 9% lower than today's price.
Michael Saylor's latest Bitcoin statements
However, in December 2023, Saylor announced that the recent approval by the United States Securities and Exchange Commission (SEC) of a Bitcoin ETF outperformed most traditional financial developments over the past few decades.
“It's not unreasonable to think that this could be the biggest development on Wall Street in the last 30 years.”
The position's approval was one of three catalysts that Saylor believes must happen before Bitcoin ETFs reach $5 million in value.
One of the others was the FASB's fair value accounting rules, which were approved in December 2023. However, one trigger remains very good: the protection of banks and the lending of Bitcoin as collateral.
Read more: What is a Bitcoin ETF?
Recently, Saylor was reportedly selling shares of MicroStrategy (MSTR).
On January 3, BeinCrypto reported that it was working with the SEC to exercise MicroStrategy's stock options. According to the filing, he owned 315,000 shares worth about $216 million.
However, during the fourth quarter conference call, Saylor explained that he was granted a stock option for 400,000 shares in 2014.
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