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MicroStrategy bought more Bitcoin overnight, with its holdings now valued at over $21 billion as Bitcoin’s price surged past $84,000. Michael Saylor’s MicroStrategy (MSTR), the reigning corporate titan in Bitcoin holdings, has just upped its crypto game, snagging another 27,200 BTC for a cool $2 billion. Based in Tysons Corner, Virginia, the firm now boasts an impressive hoard of 279,420 BTC, valued at nearly $23 billion as Bitcoin rockets past $82,000, smashing its previous all-time high. That’s right while Bitcoin was sitting at $74K, most of us were sitting around, too scared to buy, waiting for a dip that never came. Not Saylor. He is going to continue to buy, whatever the price. A lesson in there, folks. Source: X MicroStrategy’s Bitcoin binge, which cost them a cumulative $11.9 billion, has catapulted the company into a staggering $11 billion profit. For this quarter, the company reports a Bitcoin yield of 7.4%, with a robust 26% return year-to-date. The latest purchase alone, acquired at an average price of $74,463 per coin, has already netted over $200 million in profit as BTC’s price surged nearly $8,000 per coin. Their playbook is simple but effective: issue shares, use the proceeds to buy Bitcoin, and let the dual effect of a rising BTC price and an inflated MSTR stock value work its magic. This symbiotic strategy is paying off—MSTR shares have jumped over 9% in pre-market trading, sitting at $295 as of this writing. The company’s 279,420 BTC, acquired at an average price of $42,292, reflects a return on investment exceeding 100%. Since its initial Bitcoin purchase in August 2020, MicroStrategy has consistently expanded its holdings, executing 42 acquisitions to date. This aggressive accumulation strategy has solidified its position as the largest corporate holder of Bitcoin, far outpacing other entities. For instance, Marathon Digital…

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Filed under: News - @ November 11, 2024 11:21 pm