MicroStrategy, a prominent holder of Bitcoin in the public arena, remains firmly bullish, bolstering its holdings with an additional 850 BTC in January, bringing its total to a whopping 190,000, valued at an impressive $8.1 billion.
In their Q4 2023 earnings call, CFO Andrew Kang disclosed the company’s acquisition of 56,650 BTC throughout 2023, averaging at $33,580 per BTC. Despite a 6.1% decline in revenue to $124.5 million, MicroStrategy reported a net income of $89.1 million, a stark contrast to the previous year’s losses.
According to Executive Chairman Michael Saylor, this improved performance can be attributed to investors recognizing Bitcoin’s pivotal role in the “digital transformation” of assets. Saylor boldly declares that 2024 heralds “the birth of Bitcoin as an institutional-grade asset class,” going as far as labeling it “the first new asset class of the modern era.”
Saylor anticipates a regulated, institutional, high-growth phase for Bitcoin over the next 15 years, diverging from its historically volatile nature. This optimism is fueled, in part, by the emergence of spot Bitcoin ETFs, which Saylor believes validate Bitcoin’s status as a store of value, dispelling critiques about its lack of currency functionality.
Despite apprehensions about competition from traditional financial giants like BlackRock and Fidelity venturing into the Bitcoin realm, Saylor remains undaunted. He asserts that MicroStrategy will concentrate on software development, collaboration with Bitcoin developers, and active engagement in the broader ecosystem to drive future revenue growth.
