In the last 3 months of 2023, Microstrategy firm acquires 31,755 BTC
The last quarter of 2023 was a very interesting month for Microstrategy from the perspective of Bitcoin investment, as the company purchased $1.25 billion worth of Bitcoin in that timeframe.
Microstrategy is a popular business intelligence firm. This company trades publicly on the Nasdaq exchange under the index MSTR. In August 2020, this company started buying Bitcoin under the leadership of former CEO Michael Saylor. In late 2022, Saylor stepped down from the CEO role & started to contribute 100% time to the company’s Bitcoin-related financial plans.
On 6 Feb 2024, Microstrategy published its financial report & confirmed that the company purchased 31,755 BTC in the last quarter of 2023.
Phong Le, the President and CEO of the company, said that 2023 was a very important year for the company as they managed to purchase a better amount of Bitcoin to add to the company’s balance sheet and they believe that it will change the direction of the company’s operational structure to a better path.
“2023 was an extraordinary year for MicroStrategy as we strategically raised capital to significantly increase our bitcoin holdings,” Phong said.
On 7 Feb 2024, Former Microstrategy CEO Saylor informed his followers that his company purchased an additional 850 BTC for $37.2 million in Jan of this year.
So now Microstrategy holds a total of 190,000 BTC.
With this big amount of Bitcoin holding, Microstrategy owns nearly 1% of the total supply of Bitcoin. Maybe this fact supports a centralized economy for Bitcoin but it would not be bad to say that currently, Bitcoin needs such a level of institutional support because such types of bullish support will help Bitcoin to gain a higher level of momentum among the other institutional players.
Bitcoin price
The current trade price of Bitcoin is $42,799 & this trade price is 17.5% higher over the last 3 months of trade price.
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