5 Best Bitcoin Stocks To Invest In

2. MicroStrategy Incorporated (NASDAQ:MSTR)

Number of Hedge Fund Holders: 16

MicroStrategy Incorporated (NASDAQ:MSTR) provides enterprise analytics software and services globally. Their flagship product, MicroStrategy, is an analytics software platform enabling users to create visualizations, customize apps, and embed analytics into workflows. Additionally, MicroStrategy Incorporated (NASDAQ:MSTR) offers a managed software-as-a-service solution, MicroStrategy Cloud Environment, providing always-on threat monitoring and facilitating rapid analytics development. The company is known for holding and acquiring bitcoin as part of its financial strategy. 

In November 2023, MicroStrategy Incorporated (NASDAQ:MSTR) conducted its most significant bitcoin acquisition since February 2021, acquiring approximately 16,130 tokens for $593.3 million. The company’s bitcoin holdings increased to 174,530 BTC, with an average purchase price of approximately $30,200 after the November transaction.

According to Insider Monkey’s third quarter database, 16 hedge funds were bullish on MicroStrategy Incorporated (NASDAQ:MSTR), compared to 13 funds in the prior quarter. 

Miller Value Partners Income Strategy made the following comment about MicroStrategy Incorporated (NASDAQ:MSTR) in its Q1 2023 investor letter:

“MicroStrategy Incorporated (NASDAQ:MSTR) 0.75% 12/15/2025 rose in sympathy with Bitcoin’s 71.7% gain during the first quarter. The company reported 4Q22 revenue of $132.6MM, -1.5% Y/Y (+4.1% on constant currency basis), ahead of consensus of $131.0MM, and an adjusted loss from operations of -$176.7MM, compared to a 4Q21 adjusted loss of -$124.3MM. During the quarter, MicroStrategy’s subsidiary, Macrostrategy, voluntarily paid off a $205MM loan to Silvergate Bank with a 22% discount after the bank filed for liquidation earlier this year. Additionally, MicroStrategy reported that it purchased another ~6.5K bitcoin for ~$150MM in cash, at an average price of $23.2K per token, bringing the company’s total holdings to ~139.0K bitcoin as of 3/23/23, which is worth approximately $3.95B based on a bitcoin price of ~$28.4K as of 3/31/23.”

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