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MicroStrategy Incorporated (Nasdaq: MSTR), the global leader in business intelligence, has strengthened its position as the largest corporate holder of bitcoin by acquiring an additional 122 BTC for $7.8 million this April, bringing its total holdings to 214,400 BTC. Since the end of Q4, the company has added 25,250 bitcoins at an average price of $65,232 each, reflecting a strategic capital investment of $1.65 billion. As of April 26, 2024, MicroStrategy’s vast bitcoin treasury was acquired at an average cost of $35,180 per bitcoin, amounting to a total investment of $7.54 billion. Despite a slight dip in total revenues to $115.2 million, down 5% year-over-year, the company’s subscription services continue to thrive, showing a robust increase of 22% compared to the previous year.
During the first quarter of 2024, MicroStrategy not only expanded its digital asset portfolio but also secured over $1.5 billion through capital markets, including two successful convertible debt offerings. These strategic moves underline the company’s unwavering belief in bitcoin as a cornerstone of its financial and operational strategy. The increased institutional demand and regulatory clarity following the approval of spot bitcoin exchange-traded products further validate MicroStrategy’s approach, presenting a unique value creation opportunity for its shareholders. With bitcoin’s market price significantly exceeding its average cost, MicroStrategy’s vision appears more justified than ever.
