MicroStrategy founder says Bitcoin is the best strategy and recently purchased 169 BTC

Michael Saylor, founder and chairman of software company MicroStrategy, sees it as the best strategy after his latest purchase of 169 Bitcoin (BTC).
The MicroStrategy executive made this point in a tweet yesterday while reviewing the company’s incredible surge in stock price since adopting Bitcoin.
MicroStrategy Stock Outperforms Bitcoin, Other Tech Giants
Since the company pivoted to Bitcoin on August 10, 2020, MicroStrategy’s stock price has surged a staggering 1,206%, outperforming shares of other tech giants like NVIDIA (NVDA).
According to data, NVDA's stock price has soared 948%, while Tesla (TSLA), Google (GOOG), and Microsoft (MSFT) stock prices have soared 145%, 131%, and 101%, respectively, in the same time frame.
Interestingly, MicroStrategy’s share price has also outperformed Bitcoin’s growth since August 10, 2022. According to the data, the price of Bitcoin has only increased by 442% during this period. Similarly, the S&P 500, Nasdaq and gold grew by 64%, 60% and 19% respectively.
MicroStrategy suffers net loss in second quarter of 2024
Meanwhile, MicroStrategy also highlighted its stock's outperformance in its second-quarter 2024 report. The report showed that MicroStrategy suffered a net loss of $102.6 million due to a $180.1 million impairment loss on its Bitcoin holdings.
This is a significant increase compared to the $24.1 million impairment loss recorded in the second quarter of last year.
Bitcoin holdings
It is worth mentioning that MicroStrategy purchased 169 bitcoins for $11.4 million in July. As of July 31, 2024, MicroStrategy holds a total of 226,500 bitcoins. The company purchased all of these tokens at an average price of $36,821 per token, bringing the total purchase value to approximately $8.34 billion.
At the current exchange rate of $65,054, MicroStrategy's 226,500 bitcoins are worth $14.73 billion, up 76.61% from its original purchase price.
Despite owning a large amount of Bitcoin, the software company still plans to raise $2 billion to buy more Bitcoin. Yesterday, MicroStrategy filed with the U.S. Securities and Exchange Commission to sell its Class A common stock to raise $2 billion. The funds raised will be used for additional Bitcoin purchases and other general corporate purposes.
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