Michael J. Saylor : How Much Money Did Michael Saylor Make From Bitcoin?
The founder and chairman of MicroStrategy, Michael Saylor is sitting on the throne of approx 190,000 Bitcoins. Michael Saylor announced the number through a post on X on 7 February. It gained much media attention after Bitcoin reached the $50,000 mark today. Bitcoin gained momentum in the last days of January and has been in green for more than ten days to mark the $50k value.
Michael became a Bitcoin collector in 2020 when Bitcoin was around $10,000 only. This Bitcoin accumulation journey has seen the low value of Bitcoin and the top. Michael recently appeared in an interview with CNBC, where he talked about hitting the goal of 190,000 Bitcoin in January. The calculation comes around $9,500,000,000, where his overall profit comes to $3,219,498,665.
Michael Saylor Planned For Bitcoin Growth
Michael opened up about his plan for MicroStrategy that will eventually help grow Bitcoin’s value with CNBC. MicroStrategy was rebranded a few days ago as a real estate or oil company. He explained that it’s different from an investment firm as they will get into developing software now and generate cash flow to accumulate more Bitcoin. It will eventually help in promoting the growth of Bitcoin.
MicroStrategy is known as the world’s largest public company that holds Bitcoin. It comes number 1 in the list of companies having the most number of Bitcoins. The number one spot in general has been reserved for Satoshi Nakamoto for years, with his holding of 1.1 Million BTC ($11,000,000).
Through multiple recent interviews, Michael Saylor talked about Bitcoin’s growth and how his company will play a role in that. He talked about two points, starting with Bitcoin hitting $50,000 after the spot ETF. Mickel covered how ETFs are responsible for high Bitcoin prices and how his company stayed in profit in all these 11 ETFs.
With the second point, Saylor showed concern about increasing demand for Bitcoin when the supply is limited. He said that ‘Bitcoin demand has increased in the past few years and now is ten times larger than the supply.’
MicroStrategy’s Bitcoin Summary
In January alone, MicroStrategy got its hands on 850 Bitcoin worth $37.5 million. This was also highlighted in their fourth-quarter earnings for 2023, committing to move further into buying more Bitcoin. Andrew Kang (Chief Financial Officer of MicroStrategy) disclosed that the company got their hands on 56,650 BTC in 2023 at an average price of $33,580.
In addition, the Q4 2023 Earnings presented that MicroStrategy acquired 31,755 bitcoins since the end of Q3 for $1.25 billion, or $39,411 per bitcoin. By 5 February, they had gathered 190,000 Bitcoins at the cost of f $5.93 billion. The company revealed a net income of $89.1 million contrast to its loss of $249.7 million in 2022. With the impressive comeback, the company revenues are at $124.5 million, still down 6% year-over-year.
Since the adoption of the Bitcoin strategy, MicroStrategy has outperformed all major asset classes. Related to that Michael Saylor said 2024 is the year of birth of Bitcoin as an institutional-grade asset class. He referred to Bitcoin as the first and only asset class of the modern era as Gold is outdated not a new asset.
Conclusion
Michael’s collection of 190,000 Bitcoin is remarkable considering the maximum supply of Bitcoin is limited to 21,000,000. The new development plan of MicroStrategy of shifting it from an investment firm to a retail company will eventually change the way of working. As compared to investment, retail works more on developing their product to generate more income. That can help Michael accumulate more Bitcoins at a faster pace.
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Filed under: News - @ January 1, 1970 12:00 am