Good news for MicroStrategy, which bought 8,800 BTC in mid-2022!

Enterprise business intelligence (BI) vendor MicroStrategy purchased more than 8,800 Bitcoins (BTC) during the cryptocurrency market’s slump in 2022, while its stock has more than doubled since the start of the year, according to a new report.

Good news for MicroStrategy, which bought 8,800 BTC in mid-2022!

As it happened, MicroStrategy bought 8,813 BTC during the cryptocurrency crash, took $1.28 billion in impairment losses for 2022, and reported $132.6 million in revenue for the fourth quarter of the year, as well as a net loss of $250 million, according to the company’s published financial results.

Considering the report, BTC purchased at the time of the decline (worth more than $200 million at press time) corresponds to a total of 132,500 BTC purchased by the company as of December 31, with an average price of $30,137, which means MicroStrategy was spent.

Commenting on these results, the company’s CFO, Andrew Kang, said:

“We may consider taking additional trades that could take advantage of price volatility or other market shifts that are consistent with our long-term strategy. Our corporate strategy and belief in acquiring, holding and growing our position over the long term has not changed.”

His words echo those of MicroStrategy’s CFO, Phong Le, in January 2022 when he announced the company’s ‘buy and hold’ strategy regardless of expected market volatility. So it can continue to “hold” despite difficulties.”

Share price doubles

Meanwhile, MicroStrategy’s stock price has improved significantly since the start of the year, rising 101.44 percent last month from $145.02 on January 3 to $292.13 at publication time, according to the latest data received by Finbold.

Good news for MicroStrategy, which bought 8,800 BTC in mid-2022!  - Picture : 1

MicroStrategy one month stock price chart. Source: Finance

As Finbold reported in August 2022, Microstrategy has outstripped 97% of S&P 500 shares since adopting a holding strategy in 2020, even as the company’s revenues declined under the impact of the crypto market meltdown in 2022.

It is also important to note that the recent stock price increase follows the company’s plans to launch applications and solutions powered by the Lightning Network in 2023 in areas such as online content monetization, internal corporate controls, and corporate marketing. Summarized by Saylor in late December.

Disclaimer: The content on this site should not be considered as investment advice. Investment is speculative. When investing, your capital is at risk.

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