MicroStrategy Expands Bitcoin Holdings
MicroStrategy, one of the largest publicly traded holders of Bitcoin, bought an additional $37 million worth of BTC in January, raising its total holdings to $8.1 billion.
MicroStrategy Purchased More Than 50,000 BTC In 2023
MicroStrategy’s chief financial officer, Andrew Kang, mentioned that the company bought a total of 56,650 BTC in 2023 at an average price of $33,580.
MicroStrategy Posted Net Income Of $89.1 Million
The company also posted a net income of $89.1 million last year, compared to a $249.7 million loss recorded in 2022. This was due to investors recognizing the broader theme of a “digital transformation” of assets.
Hot Take
MicroStrategy makes a strong case for why Bitcoin may continue to outperform and 100X from its current value, especially as it transitions from a medium of exchange to a store of value. MicroStrategy became the first publicly traded company to invest in Bitcoin back in December 2020, and its share price has increased by more than 300% since then.
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