MicroStrategy's latest acquisition of $37 million worth of Bitcoin brings its total holdings to 190,000 BTC. With an additional 850 BTC purchased in January, MicroStrategy's CFO, Andrew Kang, revealed during the Q4 2023 earnings call that they acquired a total of 56,650 BTC throughout 2023 at an average price of $33,580.
Despite a 6.1% decrease in revenue to $124.5 million, the company posted a net income of $89.1 million, a significant improvement from the previous year's loss of $249.7 million. Executive chairman Michael Saylor attributed their performance to investors recognizing the digital transformation of assets, predicting 2024 as the year of Bitcoin's institutional-grade asset class emergence.
Saylor emphasized Bitcoin's evolution from a medium of exchange to a store of value, especially with the advent of spot Bitcoin exchange-traded funds, which he described as a "catalytic moment." While concerns about competition from traditional finance firms persist, Saylor expressed confidence in MicroStrategy's strategy to collaborate with Bitcoin developers and ecosystem participants to drive revenue growth.
He concluded the earnings call by affirming MicroStrategy's commitment to further Bitcoin purchases.