MicroStrategy has just announced the completion of the purchase of an additional 15,350 BTC valued at approximately 1.5 billion USD from December 9 to December 15, marking the sixth consecutive week the company has increased its Bitcoin holdings. This move comes just before MicroStrategy officially joins Nasdaq-100, starting next Monday.
The Bitcoin purchase was funded through the issuance of 3,884,712 shares, generating a net revenue of approximately 1.5 billion USD, according to a filing with the U.S. Securities and Exchange Commission (SEC).
Currently, MicroStrategy still has about 7.6 billion USD available from a total of 21 billion USD in the stock sale plan through this mechanism, to carry out future Bitcoin purchases.
With the latest transaction, the total amount of Bitcoin owned by MicroStrategy has reached 439,000 BTC, valued at approximately 45 billion USD at current market prices, equivalent to over 2% of the total global Bitcoin supply.
The company’s investments in Bitcoin have yielded impressive returns, with an increase of 72.4% from the beginning of the year to December 15.
Data from Google Finance shows that MicroStrategy (MSTR) stock is one of the best-performing stocks on Nasdaq this year, with an astonishing increase of 547% to date.
MicroStrategy's stock has risen from 411 USD on Friday to 434 USD in pre-market trading on Monday, according to data from Yahoo Finance.
MSTR stock price chart | Source: Yahoo Finance
Joining Nasdaq-100 is not only a significant milestone but also creates greater financial flexibility for MicroStrategy to continue its ambitious Bitcoin buyback strategy. The company aims to accumulate 42 billion USD worth of Bitcoin in the near future.
MicroStrategy is asserting its position as one of the leading companies integrating Bitcoin into its financial strategy, supported by both the stock market and the crypto community.
The Bitcoin/gold ratio reaches a new record
MicroStrategy's latest purchase was revealed in the context of the Bitcoin/gold ratio, an important metric measuring Bitcoin's purchasing power compared to gold, which has reached an all-time high (ATH) after Bitcoin's price broke a new record.
Veteran trader Peter Brandt announced on December 16 that this ratio reached a new ATH as Bitcoin hit a price of 106,000 USD, while the spot price of gold (XAU) traded around 2,650 USD. The Bitcoin/gold ratio currently stands at 40 ounces of gold per BTC.
The Bitcoin/gold ratio is calculated by dividing the price of Bitcoin by the spot price of gold, indicating the number of ounces of gold needed to buy 1 BTC. Brandt predicts that this index will continue to grow strongly:
"The next stop will be 89-1, meaning it takes 89 ounces of gold to buy 1 BTC," Brandt stated.
This prediction reflects the widespread expectations in the crypto community about Bitcoin's superior potential to compete with the 15 trillion USD gold market.
Currently, at a price of about 103,918 USD, Bitcoin has an estimated market value of 2.05 trillion USD – still far from gold's market capitalization. However, this gap is seen as a long-term growth opportunity.
According to Cathie Wood, founder of ARK Invest, Bitcoin has significant potential to narrow the capitalization gap with gold. This view aligns with recent comments from the Chairman of the U.S. Federal Reserve, Jerome Powell, who described Bitcoin as the digital version of gold, after BTC surpassed the 100,000 USD price mark on December 5.
The new record for the Bitcoin/gold ratio comes amid increasing difficulty in Bitcoin mining.
On December 15, the Bitcoin mining difficulty — an index measuring the difficulty of finding the correct hash to add a new block to the blockchain — reached a record high of 105 trillion.
Bitcoin mining difficulty adjustments since July 2024 | Source: MinerStat
Bitcoin mining difficulty adjustments occur every 2,016 blocks (equivalent to about 14 days). The next adjustment is expected to take place on January 1, 2025, marking another significant milestone in the development of the Bitcoin network.
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