Microstrategy Adds to Its Bitcoin Holdings
Microstrategy, a software intelligence firm listed on Nasdaq, has announced that it has acquired more bitcoin. According to the company, it purchased an additional 14,620 BTC for approximately $615.7 million at an average price of $42,110 per coin. This brings Microstrategy’s total bitcoin holdings to 189,150 BTC, which were acquired for about $5.9 billion at an average price of $31,168 per coin. The acquisition took place between November 30 and December 26. Microstrategy’s executive chairman, Michael Saylor, believes that spot bitcoin ETFs could be the biggest development on Wall Street in the past three decades.
A Successful Bitcoin Strategy
Michael Saylor highlights the success of Microstrategy’s bitcoin strategy, stating that the price of BTC has increased by 253% since adopting the strategy in August 2020. In comparison, the S&P 500 rose by 40% and the Nasdaq by 35% during the same period. Gold remained stagnant, silver declined by 14%, and bonds plummeted by 18%. Saylor views BTC as a dependable store of value and a superior investment asset compared to holding cash.
The Future of Bitcoin ETFs
Saylor also expressed his belief that spot bitcoin ETFs could be a game-changer for Wall Street. Currently, the SEC is evaluating 13 spot bitcoin ETF applications, and it is anticipated that multiple approvals will be granted by January 10. Saylor sees this as a significant development that could revolutionize the investment landscape. He believes that there is a growing recognition that Bitcoin is the digital transformation of capital, and market participants are increasingly realizing the need to allocate more of their portfolios to the cryptocurrency.
Hot Take: Microstrategy’s Ongoing Bitcoin Accumulation
Microstrategy continues its trend of buying more bitcoin, adding 14,620 BTC to its already substantial holdings. This strategy has been highly successful so far, with BTC outperforming traditional assets. With the potential approval of spot bitcoin ETFs by the SEC, Microstrategy’s investment in BTC could become even more valuable. As more investors recognize the potential of Bitcoin, the demand for the cryptocurrency is expected to rise, driving up its price. Microstrategy’s aggressive accumulation of BTC positions the company to benefit from this future growth. It remains to be seen how high the value of Microstrategy’s bitcoin holdings will go.
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