- MicroStrategy now holds 190,000 BTC, acquired 31,755 BTC in Q4 2023.
- Total revenue declined 6.1% in the fourth quarterly of 2023 compared to 2022.
MicroStrategy, the leading business intelligence company, continues to captivate the crypto community with its bold Bitcoin investments, as evidenced by its recent quarterly report released for Q4 2023. Emphasizing the above statement, it disclosed a remarkable increase in its Bitcoin holdings alongside a decrease in revenue.
The firm’s Bitcoin reserves now stand at an impressive 190,000, underscoring its bullish stance on it as a treasury reserve asset. In January, MicroStrategy made another substantial purchase, acquiring 850 BTC at $37.5 million, as announced by CEO Michael Saylor on X on Tuesday. This acquisition was confirmed during the company’s Q4 2023 earnings presentation.
Andrew Kang, MicroStrategy’s Chief Financial Officer, revealed, “We acquired 31,755 additional bitcoins since the end of the third quarter…” marking the company’s most significant quarterly increase in Bitcoin holdings in the past three years.
Notably, this strategic move comes ahead of the impending Bitcoin halving, a critical event that historically drives price appreciation. Founder Michael Saylor frequently espouses his belief in BTC’s potential for value appreciation, especially post-halving.
Bitcoin Accumulation Up, Total Revenue Down
However, despite the notable success in Bitcoin accumulation, MicroStrategy reported a 6.1% decrease in total revenues for Q4 2023 compared to the same period in 2022. Total revenues amounted to $124.5 million, with declines primarily attributed to decreases in product licenses and subscription services revenues, product support revenues, and other services revenues.
Phong Le, President and CEO of MicroStrategy expressed optimism regarding the company’s performance in 2023. He highlighted strategic capital raises aimed at bolstering Bitcoin holdings and ongoing innovation, including the launch of MicroStrategy AI, the company’s first-to-market AI-based BI tool.
Also, MicroStrategy intends to delve deeper into its Q4 2023 financial results through a live video webinar, providing stakeholders with valuable insights into its performance and strategic direction.
In conclusion, MicroStrategy’s Q4 2023 report showcases its continued dedication to cryptocurrency investments amid revenue challenges. And also underscoring its confidence in Bitcoin’s long-term potential.
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- Source: https://thenewscrypto.com/microstrategy-now-holds-8-billion-worth-bitcoin-q4-2023-report/
