Your guide to Bitcoin, Ethereum and Web 3.0

by James · February 28, 2023

Despite software giant MicroStrategy posting another loss yesterday, many long-term shareholders still have reason to be happy: The company’s stock has doubled so far this year.

The price of the Bitcoin hoarding company’s stock is currently priced at $285.45, up 96.8% since the beginning of January. In the last five days, the shares have risen 11.83%.

Yesterday, MicroStrategy posted its eighth straight quarterly loss — this time a net loss of $249.7 million, or $21.93 per share, in the fourth quarter of 2022.

The impairment loss on digital assets is down to Bitcoin company holds: MicroStrategy has slowly amassed the largest digital asset by market capitalization since 2020 — helping to spark a bull run.

Currently, the American company has 132,500 BTC – worth over $3.1 billion today. MicroStrategy has paid an average of $30,137 per Bitcoin to accumulate the holdings, according to yesterday’s filing. Since the company first bought Bitcoin in August 2020, the stock is up 113.8%

Bitcoin’s price has declined 65.8% since its November 2021 record high of $69,044 per coin. Right now, the asset is currently trading hands for $23,460.

But MicroStrategy co-founder and chairman Michael Saylor doesn’t seem fazed. Today, the company leader and mastermind behind the company’s Bitcoin accumulation said in an interview with CNBC that the company would continue to intercept the digital asset.

“Our strategy is to buy and hold Bitcoin, and the key for us is to be consistent, transparent and accountable in pursuit of that strategy,” Saylor said.

And MicroStrategy Chief Financial Officer Andrew Kangand said in the company’s SEC filing yesterday that the firm’s “conviction to acquire, hold and grow our bitcoin position over the long term remains unchanged.”

MicroStrategy began buying Bitcoin back in 2020 when it initially spent $250 million on the asset.

Saylor claims that the largest and oldest cryptocurrency is a “safe haven” asset and “digital gold”.

In today’s interview, he said that the most “exciting” thing in the digital money world is Lightning. The Lightning Network is a second-layer network that allows people to make Bitcoin transactions – large or small – relatively quickly and cheaply via certain crypto wallets.

MicroStrategy is currently working on a “Lightning solution for businesses,” Saylor added, which will allow companies to move money “at the speed of light.”