MicroStrategy buys $37 million in Bitcoin, bringing holdings to 190,000 BTC.
MicroStrategy, the largest public holder of Bitcoin, says it acquired an additional 850 BTC in January, bringing its total holdings to 190,000 BTC, or $8.1 billion.
In the year
Overall, MicroStrategy posted net income of $89.1 million, compared to a loss of $249.7 million in 2022. The company's revenue fell 6.1% to $124.5 million in the same period, according to its Feb. 6 earnings release.
Michael Saylor, executive chairman of MicroStrategy, said the 2023 performance could be attributed to investors recognizing the broader theme of the “digital transformation” of assets.
“2024 is the year Bitcoin was born as an institutional-level asset class, in fact, the first new asset class of the modern era.”
“The next 15 years will be a regulatory, institutional, high growth period for Bitcoin, very different from the last 15 years,” Salor added.
In the year In December 2020, MicroStrategy became the first publicly traded company to purchase Bitcoin for a capital allocation. Since then, the company's stock price has risen more than 300 percent, while tech stocks like Microsoft and Google have risen 95 percent.
Saylor added that the arrival of the space is an “exciting moment” for bitcoin exchange-traded funds to move bitcoin from a currency to a store of value, undermining past criticisms of the asset as failing to function as a currency.
Related: Bitcoin ETF Approvals Can Memecoin Run a Bull?
“We no longer need to deal with any currency criticism. As simply a store of value, there is no reason why Bitcoin cannot continue to excel and 100X from where it is now,” Salor said.
While crypto market analysts worry that providers of Bitcoin exchange-traded products such as BlackRock and Fidelity will eat into MicroStrategy's market share, Saylor seems unconcerned about the encroachment by traditional financial firms.
He said that he will continue to increase the company's revenue in the coming years by “creating software” and working with Bitcoin developers on Bitcoin-based Layer-2 networks with other ecosystem participants.
Saylor MicroStrategy closed the earnings call by saying it would continue to buy more bitcoin.
Big questions: How can Bitcoin payments generate returns?
