Once again, MicroStrategy has made headlines by seizing the opportunity to bolster its Bitcoin reserves during a market downturn, reaffirming its position as a dominant player in the crypto space. Michael Saylor’s software firm MicroStrategy bought the dip, beefing up its already massive stash of bitcoins, now holding over 1% of the total supply.
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Reports have it that MicroStrategy bought an additional 122 Bitcoins, totaling $7.8 million, between April 1st and 26th. While this might seem like small potatoes compared to their previous BTC buys over the years, it nonetheless pushes their asset size toward a new record peak.
As the world’s premier Bitcoin Development Company, MicroStrategy is committed to furthering the Bitcoin network through our activities in financial markets, advocacy, and technological innovation. Thanks to our unique bitcoin strategy and a solid track record as an operational company, we now hold 214,400 bitcoins at an average purchase price of $35,180 per bitcoin. In the first quarter, our subscription services and subscription billings revenue once again saw double-digit growth, reflecting the ongoing successful transition of our software development business to a cloud platform. We are thrilled with the continued global adoption of our cloud platform.
Phong Le, President, and CEO of MicroStrategy
Growth in Bitcoin Portfolio
On Monday, the software development company and self-proclaimed “bitcoin development company” unveiled their financial results for the first quarter of 2024, taking the opportunity to boast that they’ve bagged even more bitcoins since the end of March amid some rough weeks for the crypto markets.
MicroStrategy now lords over 214,400 bitcoins, amounting to a whopping $13.5 billion at the current asset price. That’s more than 1% of all bitcoins that will ever exist, with nearly 19.7 million BTC circulating out of the total 21 million.
In the first quarter, we raked in over $1.5 billion, once again executing our capital markets strategy, including two successful convertible debt offerings. We snagged an additional 25,250 bitcoins since the end of the fourth quarter, marking our 14th consecutive quarter of adding more bitcoins to our balance sheet. We believe the combination of our operational structure, bitcoin strategy, and focus on technological innovation provides a unique opportunity to create value for our shareholders.
Andrew Kang, MicroStrategy’s CFO
Even though Bitcoin has plummeted more than $10,000 compared to its recent record high of $73,737 set in March, the firm is still ahead thanks to its steadily growing investments. According to the press release, MicroStrategy’s Bitcoin assets’ base value currently sits at $35,180 per coin, while CoinGecko reports Bitcoin’s current price at $63,026 per coin.
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MicroStrategy’s founder and chairman, Michael Saylor, ranks among the most outspoken Bitcoin bulls in the corporate realm. He has not only focused his company’s attention on Bitcoin, but he also frequently posts Bitcoin memes featuring “laser eyes” and gives interviews about this asset. With Michael Saylor leading the charge, MicroStrategy continues to accumulate digital assets and expand its portfolio, paving the way for others in the corporate world to embrace the future of finance.
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