Microstrategy Raises Bitcoin Holdings to 190K BTC Calls Itself Worlds First Bitcoin Development Company
Nasdaq-listed Microstrategy has increased its cryptocurrency holdings to 190,000 bitcoins, having acquired 31,755 additional coins since the end of the third quarter. The company now considers itself the worlds first Bitcoin development company, with a unique value proposition, even when compared to spot bitcoin exchange-traded funds (ETFs). We are a publicly-traded operating company committed to the continued development of the Bitcoin network through our activities in the financial markets, advocacy, and technology innovation, Microstrategy detailed.
Microstrategy Now Holds 190,000 Bitcoins
Microstrategy Inc. (Nasdaq: MSTR) released its earnings report for Q4 2023 on Tuesday. The company revealed that it bought 31,755 more BTC since the end of the third quarter, including 850 BTC acquired in January. Microstrategy executive chairman Michael Saylor announced on social media platform X Tuesday:
In January, Microstrategy acquired an additional 850 BTC for $37.2 million and now holds 190,000 BTC.
As of Dec. 31, 2023, the carrying value of Microstrategys digital assets (comprised of approximately 189,150 bitcoins) was $3.626 billion, which reflects cumulative impairment losses of $2.269 billion, the company explained.
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, Andrew Kang, Microstrategys chief financial officer, commented. We benefited from the significant increase in bitcoin prices in Q4 We now hold 190,000 bitcoins at an aggregate purchase price of $31,224.
The Worlds First Bitcoin Development Company
In its Q4 earnings presentation, Microstrategy stated that it considers itself the worlds first Bitcoin development company. The company also highlighted its unique value proposition compared to spot bitcoin exchange-traded funds (ETFs).
We are a publicly-traded operating company committed to the continued development of the bitcoin network through our activities in the financial markets, advocacy and, technology innovation, Microstrategy described. As an operating business, we are able to use cashflows as well as proceeds from equity and debt financings to accumulate bitcoin, which serves as our primary treasury reserve asset.
Moreover, Microstrategy detailed, We also develop and provide industry-leading AI-powered enterprise analytics software that promotes our vision of Intelligence Everywhere and are using our software development capabilities to develop bitcoin applications, emphasizing:
We believe that the combination of our operating structure, bitcoin strategy and focus on technology innovation provides a unique opportunity for value creation.
What do you think about Microstrategy accumulating 190K bitcoins and calling itself the worlds first Bitcoin development company? Let us know in the comments section below.
Source: Bitcoin.com
The post Microstrategy Raises Bitcoin Holdings to 190K BTC Calls Itself Worlds First Bitcoin Development Company appeared first on Crypto Breaking News.
Text source: Crypto Breaking News
