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MicroStrategy Buys $37 Million More Bitcoin, Bringing Total To $8.1 Billion, As Michael Saylor Says BTC Is Now ”Institutional-Grade Asset”

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MicroStrategy executive chairman Michael Saylor
MicroStrategy executive chairman Michael Saylor

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MicroStrategy, the largest publicly traded holder of Bitcoin, bought another $37 million worth of BTC in January to bring its total holdings to $8.1 billion.

The company said in its its fourth quarter earnings call on Feb. 6 that it acquired another 850 BTC in January and now holds a total of 190,000 Bitcoin.

“2024 is the year of the birth of Bitcoin as an institutional-grade asset class,” said executive chairman Michael Saylor in the call. “It’s the first new asset class of the modern era. The next 15 years will be a regulated, institutional, high growth period for Bitcoin, very different from the last 15 years.”

MicroStrategy Purchased More Than 50,000 BTC In 2023

MicroStrategy’s chief financial officer, Andrew Kang, also said the company bought a total of 56,650 BTC in 2023 at an average price of $33,580.

MicroStrategy CEO Michael Saylor Calls for Crypto Regulation

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. Saylor attributed the 2023 performance to investors recognizing the broader theme of a “digital transformation” of assets.

Saylor expects the allocation in BTC to continue to pay off following the introduction of spot Bitcoin ETFs (exchange-traded funds) in the U.S. This is a “catalytic moment” in transitioning BTC from a medium of exchange to a store of value, he said.

“We don’t need to address any of the currency criticisms anymore,” he added. “Simply as a store of value, there’s no reason Bitcoin can’t continue to outperform and 100X from where it is right now.”

MicroStrategy became the first publicly traded company to purchase Bitcoin as a strategic investment in December 2020. Since then, the company’s share price has climbed more than 300%, allowing it to outperform major tech stocks such as Microsoft and Google, which saw gains of slightly less than 100% during the same period.

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