Blogs & Articles: MicroStrategy Buys 850 More Bitcoin for $37 Million 🔗 12 weeks ago

MicroStrategy, a leading business intelligence and software company, has continued its steadfast commitment to Bitcoin by purchasing an additional 850 BTC at a total cost of $37.2 million, Founder & Chairman Michael Saylor announced today.

BREAKING: MicroStrategy bought 850 more #Bitcoin for $37.2 million. pic.twitter.com/o5Eq2frOrp

— Bitcoin Magazine (@BitcoinMagazine) February 6, 2024

"We acquired 31,755 additional bitcoins since the end of the third quarter, marking the largest quarterly bitcoin holding increase in the last 3 years and the 13th consecutive quarter of adding more bitcoin on our balance sheet," stated Andrew Kang, MicroStrategy Chief Financial Officer. "We benefited from the significant increase in bitcoin prices in Q4 and we also continued to leverage our strategic capital markets activities and cash on hand to accumulate more bitcoin and accrete incremental value for our shareholders. It is through our unique bitcoin strategy and solid track record that we now hold 190,000 bitcoins at an aggregate purchase price of $31,224."

The company initially entered the Bitcoin market in August 2020, making a significant initial investment of $250 million into BTC. Since then, they have consistently added to their Bitcoin holdings, creating a treasury reserve strategy that has garnered over 190,000 bitcoin worth more than $8.2 billion at the time of writing.

"2023 was an extraordinary year for MicroStrategy as we strategically raised capital to significantly increase our bitcoin holdings, and continued to innovate, including by developing and launching MicroStrategy AI, our first to market AI-based BI tool," said Phong Le, MicroStrategy President and Chief Executive Officer. "We achieved double-digit subscription services revenue growth for both the fourth quarter and full year, demonstrating our ongoing commitment to transition our business to the cloud. We believe that the combination of our operating structure, bitcoin strategy, and focus on technology innovation provides a unique opportunity for value creation for our shareholders."

As the fourth Bitcoin halving quickly approaches, MicroStrategy continues its aggressive bitcoin investment strategy with no signs of slowing down.