Microstrategy Increases Bitcoin Holdings to 214,400 BTC Through Recent Acquisition

Microstrategy Increases Bitcoin Holdings to 214,400 BTC Through Recent Acquisition

Microstrategy, the software intelligence company listed on Nasdaq and known as “the world’s first bitcoin development company,” has announced its latest bitcoin acquisition, bringing its total holdings to 214,400 bitcoins. The company’s Chief Financial Officer, Andrew Kang, revealed that they acquired an additional 25,250 bitcoins since the end of the fourth quarter, marking their 14th consecutive quarter of adding more bitcoin to their balance sheet.

Microstrategy’s Executive Chairman, Michael Saylor, took to social media platform X to make the announcement. He stated that in April, the company purchased an additional 122 bitcoins for $7.8 million, further bolstering their bitcoin holdings.

During the company’s Q1 2024 earnings presentation, Kang highlighted Microstrategy’s achievements. He mentioned that in the first quarter, they successfully executed their capital markets strategy, raising over $1.5 billion through two convertible debt offerings. He also emphasized the company’s continuous accumulation of bitcoin, which has been ongoing for 14 quarters.

Microstrategy’s stock, MSTR, has significantly outperformed other investments since it implemented its bitcoin strategy on August 10, 2020.

Saylor believes that capital will continue to flow into bitcoin from other asset classes like gold and real estate because he considers bitcoin to be technically superior. He also stated that the approval of spot bitcoin exchange-traded funds by the U.S. Securities and Exchange Commission has paved the way for institutional capital to enter the bitcoin ecosystem. In February, he declared bitcoin as the most popular investment asset.

What are your thoughts on Microstrategy’s decision to add more bitcoin to its balance sheet? Let us know in the comments section below.

Leave a Reply

Your email address will not be published. Required fields are marked *