MicroStrategy Holds Over 1% of Total Bitcoin Supply

MicroStrategy further solidified its position as a major player in the cryptocurrency space by adding an additional 9,245 BTC at a value of $623 million.

Azcnews (4)

The company MicroStrategy, listed on the Nasdaq stock exchange and known for its aggressive investment strategy in Bitcoin, has strongly consolidated its position in the cryptocurrency sector. They just announced the purchase of an additional 9,245 BTC for a total value of up to 623 million USD, increasing their ownership percentage to over 1%.

Additionally, the company disclosed a multi-million dollar Bitcoin purchase, bringing its total Bitcoin holdings to 214,246 BTC. The company made the transaction primarily through the sale of convertible bonds, in a continuation of its efforts following last week’s $821.7 million Bitcoin acquisition.

MicroStrategy’s move into the Bitcoin space began in 2020, under the leadership of President and Co-Founder Michael Saylor. Mr. Saylor has claimed Bitcoin is a hedge against inflation and an alternative to holding cash.

With the latest transaction, MicroStrategy now has about $14 billion in Bitcoin on hand, purchased at an average price of about $35,160 per BTC. Meanwhile, Bitcoin price is currently trading at around $64,750, after falling more than 9.5% over the past week from its all-time high of $73,400.

Bitcoin’s supply cap at 21 million coins adds a new layer of appeal to MicroStrategy’s strategy. With approximately 19.7 million issued tokens, the company’s token holdings represent a significant portion of the total available supply, which is expected to reach its maximum by 2140. As reported by CryptoGlobe, these short-term investments have suffered losses of an estimated $3.3 billion due to MicroStrategy’s large holdings of Bitcoin, causing the company’s stock price to surge along with the price of the cryptocurrency this year.

Screenshot 19 3 2024 191719 saylortracker.comMicroStrategy’s Bitcoin Holdings. Source: Saylortracker

MicroStrategy has publicly identified itself as a “Bitcoin Development Company” and may continue to purchase Bitcoin. Executive Chairman and Co-Founder, Michael Saylor, has denied concerns about growing competition in Bitcoin purchases and pointed out that the company is well positioned to capitalize on the transformation of digital capital from traditional analog systems to the digital economy.

Related: Peter Schiff Warns of Major Bitcoin (BTC) Crisis

Saylor makes the argument that Bitcoin has become a trillion-dollar asset class, comparing its importance to major technology companies such as Apple, Google and Microsoft. However, he noted that Bitcoin, unlike these companies, represents a comprehensive asset class capable of holding large amounts of capital, and he argued that it competes with traditional store-of-value assets systems such as gold, S&P 500 and real estate, it is predicted that capital will continue to move from these asset classes to Bitcoin due to its technical superiority.

(2 votes)

3.5/5

(2 votes)
  1. Avatar of
    Anonymous

    Great job

Comments are closed.

Latest

Crypto Market Surpasses $4 Trillion, Overtakes Microsoft Amid Policy Boost

News | Altcoin | Bitcoin | Editor Choice

Crypto Market Surpasses $4 Trillion, Overtakes Microsoft Amid Policy Boost

The cryptocurrency market has surpassed $4 trillion in market capitalization for the first time, overtaking Microsoft, driven by supportive U.S. policies and a surge in investments from both individuals and institutions.

Xrp Explodes, Whale Moves Spark Bullish Momentum

News | Altcoin | Editor Choice

XRP Explodes, Whale Moves Spark Bullish Momentum

XRP’s open interest has surged by over 18%, accompanied by a spike in derivatives volume and a golden cross in the MVRV ratio, fueling investor expectations of a major upcoming price breakout.

Xrp Reaches New Peak After 7 Years Of Waiting

Altcoin | Editor Choice

XRP Reaches New Peak After 7 Years of Waiting

This morning, Ripple (XRP) officially reached a new peak at $3.60, becoming the third-largest cryptocurrency in the market.

Donald Trump Plans To Allow Pension Funds To Invest In Crypto

Policy & Regulations | Editor Choice

Donald Trump Plans to Allow Pension Funds to Invest in Crypto

U.S. President Donald Trump aims for pension funds in the country to allocate capital into assets such as gold, private securities, and especially cryptocurrencies.

Wintermute Reports No More Eth Available For Sale Via Otc

Altcoin | Editor Choice

Wintermute Reports No More ETH Available for Sale via OTC

Wintermute has reported that the amount of ETH sold through OTC has run out, indicating impressive buying activity from institutions targeting Ethereum.