Software intelligence company Microstrategy (Nasdaq: MSTR), which calls itself “the world’s first bitcoin development company,” has revealed its acquisition of more bitcoin. Executive Chairman Michael Saylor announced on social media platform X Monday:
In April, Microstrategy acquired an additional 122 BTC for $7.8 million and now holds 214,400 BTC.
During Monday’s Q1 2024 earnings presentation, Andrew Kang, Chief Financial Officer of Microstrategy, detailed the company’s achievements. He stated: “In the first quarter we raised over $1.5 billion by executing again on our capital markets strategy including two successful convertible debt offerings. We acquired 25,250 additional bitcoins since the end of the fourth quarter, our 14th consecutive quarter of adding more bitcoin to our balance sheet.”
Bitcoin holdings of Microstrategy and its subsidiary Macrostrategy. Source: Microstrategy.
Microstrategy’s stock, MSTR, has massively outperformed other investments since it adopted its bitcoin strategy on Aug. 10, 2020.
Saylor recently stated that he believes capital is going to keep flowing from other asset classes, such as gold and real estate, into bitcoin because the cryptocurrency is “technically superior to those asset classes.” He explained that the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) has “opened up a gateway for institutional capital to flow into the bitcoin ecosystem.” He also said in February that BTC has become the “most popular investment asset.”
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