MicroStrategy, the leading publicly traded holder of Bitcoin, announced the acquisition of an additional 850 BTC in January, expanding its total holdings to 190,000 BTC, valued at $8.1 billion.
During its Q4 2023 earnings call on Feb. 6, the business software firm’s CFO, Andrew Kang, revealed the purchase of 56,650 BTC throughout 2023 at an average price of $33,580.
Despite a 6.1% decrease in revenue to $124.5 million within the same period, MicroStrategy reported a net income of $89.1 million, a significant improvement from the previous year’s loss of $249.7 million.
MicroStrategy’s executive chairman, Michael Saylor, attributed the company’s 2023 performance to investors recognizing the broader trend of digital asset transformation. He expressed optimism about Bitcoin’s evolution into an institutional-grade asset class in 2024, foreseeing a regulated, high-growth period distinct from its past.
Since its landmark Bitcoin purchase for capital allocation in December 2020, MicroStrategy’s share price has surged by over 300%, outpacing tech giants like Microsoft and Google, which have grown around 95%.
Saylor welcomed the advent of spot Bitcoin exchange-traded funds (ETFs), noting their transformative impact on Bitcoin’s perception as a store of value, mitigating past criticisms of its functionality as a currency.
While some speculate on traditional finance firms encroaching on MicroStrategy’s market share, particularly with the introduction of Bitcoin exchange-traded products, Saylor remains unfazed. He emphasised MicroStrategy’s commitment to software development and collaboration with Bitcoin developers to enhance revenue in the future.
Saylor concluded the earnings call by affirming MicroStrategy’s intention to continue accumulating Bitcoin.