MicroStrategy buys $37M in Bitcoin, bringing holdings to 190,000 BTC

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12 Feb 2024

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TOM MITCHELHILL
FEB 07, 2024

MicroStrategy buys $37M in Bitcoin, bringing holdings to 190,000 BTC

MicroStrategy snapped up another 850 Bitcoin in January, increasing its total BTC holdings to a value of $8.1 billion.
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MicroStrategy, the largest publicly traded holder of Bitcoin, says it acquired an additional 850 BTC in January, bringing its total holdings to 190,000 BTC, worth $8.1 billion.
In its fourth quarter of 2023 earnings call on Feb. 6, the business software firm’s chief financial officer, Andrew Kang, said it acquired 56,650 BTC throughout 2023 at an average price of $33,580.
Overall, MicroStrategy posted a net income of $89.1 million, compared with a loss of $249.7 million in 2022. The company’s revenue decreased 6.1% to $124.5 million within the same time frame, according to a Feb. 6 earnings statement.
MicroStrategy executive chairman Michael Saylor said its 2023 performance could be attributed to investors recognizing the broader theme of a “digital transformation” of assets.

“2024 is the year of the birth of Bitcoin as an institutional-grade asset class, in fact, 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,” Saylor added.

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In December 2020, MicroStrategy became the first publicly traded company to purchase Bitcoin for capital allocation. Since then, the company’s share price has grown by more than 300%, while tech stocks such as Microsoft and Google have grown around 95%.
MicroStrategy has gained more than 300% since it began purchasing Bitcoin. Source: MicroStrategy
Saylor added the arrival of spot Bitcoin exchange-traded funds had been a “catalytic moment,” taking Bitcoin from a medium of exchange to a store of value, something he said weakens past criticisms of the asset for failing to function as a currency.
Related: Could Bitcoin ETF approvals spark memecoin bull run?
“We don’t need to address any of the currency criticisms anymore. Simply as a store of value, there’s no reason Bitcoin can’t continue to outperform and 100X from where it is right now,” Saylor said.
While crypto market pundits have shared concerns that Bitcoin exchange-traded product providers such as BlackRock and Fidelity would gnaw into MicroStrategy’s market share, Saylor seemed unconcerned by any encroachment by traditional finance firms.
He said MicroStrategy would continue to “create software” and work alongside Bitcoin developers on Bitcoin-based layer-2 networks, along with other ecosystem participants, to increase the firm’s revenue in the coming years.
Saylor closed out the earnings call by saying that MicroStrategy would continue to purchase more Bitcoin.
Big Questions: How can Bitcoin payments stage a comeback?
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TURNER WRIGHT
FEB 06, 2024

SEC institutes proceedings on Invesco Galaxy spot Ether ETF, pushing deadline

The U.S. Securities and Exchange Commission approved spot Bitcoin exchange-traded funds for the first time on Jan. 10.
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The United States Securities and Exchange Commission has delayed its decision on whether to approve or disapprove a spot Ether
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exchange-traded fund, or ETF, proposed by Invesco and Galaxy Digital.In a Feb. 6 notice, the SEC said it would institute proceedings to determine whether to approve or disapprove a proposed rule change that would allow the Cboe BZX Exchange to list and trade shares of the Invesco Galaxy Ethereum ETF. Opening the proposed investment vehicle to public comment will push the deadline for a decision by an additional 35 days upon publication in the Federal Register.
The SEC can delay the Invesco Galaxy spot Ether ETF for up to 240 days before reaching a final decision. The asset manager filed with the commission in October 2023 — with publication in the Federal Register in November — giving the SEC until July 2024 to approve or deny the investment vehicle.

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ETFs from several asset managers have been available for trading on U.S. exchanges since Jan. 10 following a landmark approval from the SEC. At the time of publication, the commission is considering applications from various firms for spot ETH ETFs, including BlackRock, Hashdex, ARK 21Shares, VanEck and Fidelity.Related: Bullish investment strategies before spot ETH ETF approval
When the SEC approved spot BTC ETFs for listing and trading for the first time, it announced 11 application approvals simultaneously. Some experts have speculated that the commission could take a similar approach with spot ETH investment vehicles, but the SEC has made few public comments. VanEck will likely be one of the first to hear a decision, with an SEC deadline of May 23.
Magazine: Expect ‘records broken’ by Bitcoin ETF: Brett Harrison (ex-FTX US), X Hall of Flame
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