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Bitcoin-focused firm Strategy, formerly known as MicroStrategy, reported a $670.8 million net loss for the fourth quarter of 2023. Despite the loss, the company made its biggest Bitcoin purchase yet, adding 218,887 BTC.
On February 5, Strategy revealed its Q4 revenue was $120.7 million. This was down 3% from the previous year and missed analyst predictions by about $2 million. Meanwhile, expenses surged nearly 700%, reaching $1.1 billion. The increase was driven by the firm pushing ahead with its “21/21 Plan.” This initiative aims to secure $42 billion in capital over three years to fund further Bitcoin purchases.
The company has already raised $20 billion for its plan, mainly through senior convertible notes and debt financing. CEO Phong Le stated that Strategy is ahead of schedule and remains confident in its Bitcoin-focused strategy.
Today, Strategy holds a total of 471,107 Bitcoins, valuing over 45 billion dollars, positioning this firm as a leader among corporate Bitcoin holders. Among new key financial health indicators the company launched “BTC Gain” and “BTC $ Gain,” showing bitcoin’s performance during time.
The rebranding from MicroStrategy to Strategy took effect on February 5. Business intelligence service chaired by its 1989 founding father, Michael Saylor, continues to focus on its corporate Bitcoin adoption.
MSTR shares fell 3.3% to 336.70 on February 5, while adding a further 0.72% in after-hours trading, according to Google Finance data.
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