On February 6, MicroStrategy convened a meeting to discuss its fourth-quarter results for 2023. According to the company’s CFO, Andrew Kang, MicroStrategy managed to procure 56,650 BTC throughout the past year, with an average purchase price of $33,580. These strategic investments yielded a net profit of $89.1 million – a significant improvement from the $249.7 million loss incurred in the previous year.
Michael Saylor, the Chairman of MicroStrategy, attributed the company’s successful performance in 2023 to a growing recognition among investors of the wider digital asset transformation. Saylor went on to predict that 2024 will usher in heightened awareness of Bitcoin as an institutional-grade asset class, ultimately solidifying its position as the first new asset class of the modern era. Alongside this, he anticipates a period of regulation and substantial growth for Bitcoin over the next 15 years, compared to the previous 15 years.
“2024 will be the year of awareness of Bitcoin as an institutional-grade asset class. In fact, it will become the first new asset class of the modern era. The next 15 years will differ in regulation and high growth of Bitcoin from the previous 15 years,” says the head of MicroStrategy.
Saylor further emphasized that the approval of spot Bitcoin ETFs served as a pivotal catalyst in transforming the leading cryptocurrency from a medium of exchange to a reliable store of value.
It is worth noting that earlier this year, Michael Saylor chose to sell a portion of the company’s shares in order to facilitate the acquisition of additional bitcoin reserves.