MicroStrategy now holds 190,000 bitcoin

MicroStrategy bought 850 more bitcoin in January

February 6, 2024 04:43 pm

DCStockPhotography/Shutterstock modified by Blockworks

MicroStrategy added 850 bitcoin to its holdings in January.

The additional bitcoin cost $37.5 million, per a post on X from founder Michael Saylor.

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In a press release, MicroStrategy announced that it acquired 31,755 bitcoin since the end of the third quarter for nearly $1.3 billion.

The company has consecutively added to its bitcoin holdings for 13 quarters.

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The average cost of bitcoin came out to $39,411. As of Feb. 5, the company has acquired a total of 190,000 bitcoin at the cost of $31,224 per bitcoin for nearly $6 billion.

“2023 was an extraordinary year for MicroStrategy as we strategically raised capital to significantly increase our bitcoin holdings, and continued to innovate, including by developing and launching MicroStrategy AI, our first to market AI-based BI tool,” CEO Phong Lee said in a statement.

“We believe that the combination of our operating structure, bitcoin strategy and focus on technology innovation provides a unique opportunity for value creation for our shareholders,” he continued.

Chief Financial Officer Andrew Kang said that the company “benefited” from the “significant increase in bitcoin prices in Q4.”

The company will continue to add to its bitcoin holdings, he added.

MicroStrategy, in its earnings release, showed that the carrying value of its bitcoin came in at $3.6 billion, “which reflects cumulative impairment losses of $2.269 billion since acquisition and an average carrying amount per bitcoin of approximately $19,172.”

The report showed that the company’s cost basis was $5.8 billion and its market value was $8 billion for its holdings. Breaking that down further, the cost per bitcoin and market price came in at $31,000 and $42,000, respectively.

Updated Feb. 6, 2024 at 4:47 pm ET: Clarified value of additional bitcoin cost.

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