MicroStrategy MSTR keeps accumulating Bitcoin BTC/USD.
What Happened: Michael Saylor, the firm's founder and chair, coinfirmed on social media that MicroStrategy acquired 14,620 BTC at an average price of $42,110 each for a total value of $615.7 million.
Based on its latest filing with the U.S. Securities and Exchange Commission, MicroStrategy holds 189,150 BTC — a $5.9 billion value — at an average price of $31,168 per BTC.
See Also: Michael Saylor Predicts 'Demand Shock' As Bitcoin's Market Cap Skyrockets 160% In 2023
Why It Matters: Since the end of the second quarter, 6,067 bitcoins were acquired by MicroStrategy for $167 million, as reported in its latest third quarter (Q3) report.
“Our commitment to acquire and hold bitcoin remains strong, especially with the promising backdrop of potential increased institutional adoption. And while we continue to grow our strong balance sheet, our Q3 operating results and growth in total revenues reflect the resiliency of our software business and establish a solid foundation to capitalize on AI in BI,” CFO Andrew Kang commented.
Also Read: Michael Saylor Stays Bullish On MicroStrategy's Bitcoin Stance Amid Potential ETF Approvals
Despite being a software business, MicroStrategy’s majority value addition comes in from its Bitcoin holdings.
“The reason we decided to buy Bitcoin is because Bitcoin represents a form of digital gold," Saylor once said on an earnings call. "It’s harder than gold. It’s smarter. It’s stronger. It’s faster than gold.”
As of Sep 30, MicroStrategy’s digital assets' carrying value stood at $2.45 billion, which consists of around 158,245 Bitcoins.
In a CNBC interview last week, Saylor said that Bitcoin will continue to move forward in 2024 and will go to a million, not to zero.
On Dec.26, Saylor took to X handle to post this, “Destination Prosperity. #Bitcoin”
Price Action: In pre-market trade, MicroStrategy shares are trading at 1.1% higher.
The past month saw a gain of 22% taking its year-to-date gains to 316%.
The company's stock surged 319% this year, according to CNBC. It outperformed tech peers like Nvidia, which is up 244%, and Meta, which is up 185%.
Bitcoin prices in the past month reported a 16.1% surge taking a year-to-date increase to 159.2%.
Now Read: Ethereum Is A Budding Force In The Digital Economy
Image: Shutterstock
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