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MicroStrategy Bolsters Crypto Holdings with 31,755 Bitcoin Purchase in Q4 2023

MicroStrategy has disclosed the acquisition of 31,755 Bitcoin at a cost of $1.25 billion during the fourth quarter of 2023, which has bolstered the company’s total Bitcoin holdings to 190,000 units.

The financial report for the fourth quarter of 2023 from MicroStrategy highlights this substantial purchase, underscoring the company’s persistent focus on Bitcoin as a pivotal asset in its portfolio. As of the close of 2023, MicroStrategy’s investment in Bitcoin amounted to an aggregate purchase value of $5.93 billion, with an average price per Bitcoin standing at $31,224.

Andrew Kang, the Chief Financial Officer, remarked, “We have acquired an additional 31,755 bitcoins since the conclusion of the third quarter, representing the largest quarterly increase in our bitcoin holdings over the past three years and the 13th consecutive quarter of augmenting our bitcoin reserves.”

Kang indicated that MicroStrategy capitalized on the upswing in Bitcoin prices during the fourth quarter, leveraging its capital market activities and existing cash reserves to expand its Bitcoin investments.

MicroStrategy Continues to Invest in Bitcoin in 2024

In January 2024, MicroStrategy’s founder and Chairman, Michael Saylor, confirmed the acquisition of an additional 850 Bitcoin at a cost of $37.2 million.

During the fourth quarter of 2023, MicroStrategy disclosed total revenues of $124.5 million, reflecting a 6.1% decrease compared to the same period in 2022. On a non-GAAP constant currency basis, this decline was further adjusted to 7.8%.

The company also reported a gross profit of $96.3 million for Q4, resulting in a 77.3% gross margin. However, this figure fell short of the $105.8 million gross profit and 79.8% gross margin achieved in the final quarter of 2022.

Vanguard’s Indirect Stake in Bitcoin

Vanguard, the asset management firm, has taken a significant position in MicroStrategy, thereby indirectly aligning itself with the crypto market. As of the third quarter of 2023, Vanguard holds 8.24% of MicroStrategy’s shares, establishing its position as the second-largest institutional investor in the company.

Although Vanguard has chosen not to offer direct Bitcoin exchange-traded funds (ETFs), opting instead to concentrate on traditional assets, its indirect involvement through MicroStrategy signals a cautious yet noteworthy shift toward digital assets within conventional financial portfolios.

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