MicroStrategy boosts Bitcoin holdings to 214,400 BTC with $7.8m purchase

As a researcher with a background in finance and technology, I find MicroStrategy’s aggressive Bitcoin acquisition strategy fascinating. The company’s latest quarterly report shows that it bought an additional 122 BTC in April for $7.8 million, increasing its holdings to 214,400 BTC. This represents a significant investment in the world’s largest cryptocurrency and underscores MicroStrategy’s commitment to the Bitcoin network.

In the most recent quarterly report, MicroStrategy disclosed that their Bitcoin holdings grew by acquiring an additional 122 Bitcoins in April.

As a financial analyst, I can tell you that MicroStrategy, which holds the most Bitcoin among publicly-traded companies, has continued to expand its cryptocurrency hoard. Based on the latest quarterly report, the corporation has purchased an additional $7.8 million worth of Bitcoin, increasing its total holdings to approximately 214,400 BTC. With today’s market valuation, these Bitcoins are estimated to be worth around $13.5 billion.

In April, MicroStrategy purchased an extra 122 Bitcoins for approximately $7.8 million, bringing their total holdings to over 214,000 BTC. Tune in at 5pm ET for our Q1 2024 financial update and insights on the future of Business Intelligence and Bitcoin. $MSTR— Michael Saylor⚡️ (@saylor) April 29, 2024

On April 29th, as mentioned in a post on X, Michael Saylor, a former MicroStrategy managing director, announced that the firm had purchased an additional 122 Bitcoins, bringing its total holdings to 25,572 Bitcoin since the last quarter of 2023. The latest acquisition was reportedly made at an average price of $35,180 per Bitcoin according to the company’s quarterly report.

Phong Le, CEO of MicroStrategy based in Virginia, expressed the company’s dedication to advancing the Bitcoin network further. In the initial quarter, MicroStrategy witnessed a double-digit increase in revenue from subscription services and subscription billings.

As an analyst, I’ve observed a significant 22% growth in subscription services revenues for the quarter, amounting to $23 million. However, overall revenues for Q1 saw a slight decrease, reaching $115.2 million, which represents a 5.5% decline compared to the same period last year. Simultaneously, operating expenses witnessed a substantial increase, reaching $288.9 million in Q1, signifying a steep 152.8% rise compared to the first quarter of the previous year.

After the recent announcement, MicroStrategy’s (MSTR) share price experienced a slight increase of approximately 0.8%, resulting in a price of $1,292 based on information provided by Google Finance. As for Bitcoin, its current value hovers around $63,250 according to CoinMarketCap’s latest update.

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2024-04-30 10:00