Bitcoin Miner Buys Microstrategy Shares As MSTR Stock Outperforms S&P 500
The post Bitcoin Miner Buys Microstrategy Shares As MSTR Stock Outperforms S&P 500 appeared on BitcoinEthereumNews.com.
Bitcoin mining company Vortex Brands (VTXB) has recently set the crypto town abuzz, revealing its purchase of MicroStrategy (MSTR) stocks. The company underlined this investment as a strategic decision on Wednesday. Meanwhile, the stock accumulation promptly reverberated optimism for the American company throughout the broader industry, aligning with the its recent top ranking in the S&P 500. Bitcoin Miner ‘Vortex Brands’ Bags MicroStrategy (MSTR) Stocks According to a press release dated August 28, Vortex Brands started acquiring MSTR stocks today as its strategic asset. Although the company’s initial purchase amounts to only 10 shares, the mover comes with a broader approach to leverage arbitrage strategy between corporate public markets and the value of Bitcoin. For context, the Bitcoin mining company’s CEO, Todd Higley, stated, “Adding MSTR stock to our balance sheet allows us to leverage the arbitrage strategy MicroStrategy employs between the corporate public markets and the value of Bitcoin.” He added, “This move aligns with our positive outlook for Bitcoin and our belief in hard assets, including certain digital assets, as the preferred investment and business activity in today’s post-low-inflation environment.” Meanwhile, it’s noteworthy that the Michael Saylor-led firm also topped the S&P 500, per Saylor’s recent post on X. Citing data from August 2020, Saylor spotlighted that MSTR outperformed giants such as Nvidia in the S&P 500. This is primarily attributable to the American company’s foray into Bitcoin adoption. Besides, MSTR stock price was down 1% today to $140, although it’s worth mentioning that the stock surged 104% YTD and 45% over the past six months. Notably, CoinGape Media recently reported Cantor Fitzgerald analyst Brett Knoblauc to have set MSTR stock price target of $194. Michael Saylor’s Firm Outperforms Nvidia Simultaneously, Microstrategy positions as the largest corporate Bitcoin holder, which appears to be aiding its standings in the…
Filed under: News - @ August 28, 2024 12:21 pm