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Amid Wall Street investors’ mainstream adoption of Bitcoin (BTC), MicroStrategy Inc. (NASDAQ: MSTR) has emerged as a leader among its peers. The firm, which provides enterprise analytics and mobility software, has sold its shares to institutional investors in the past to purchase more Bitcoins.
For instance, the firm recently completed $1.01 billion in convertible senior offerings due in 2028 to purchase more Bitcoins. As a result, MicroStrategy announced that it had successfully acquired 7,420 Bitcoins, worth $458 million at an average price of about $61k, thus holding a total of about 252,220 Bitcoins.
Bitcoin Price Gains with Rising Institutional Demand
With its significant scarcity and mainstream audio by institutional investors, Bitcoin’s price has significantly benefited in recent years. The flagship coin has gained over 55 percent year to date despite lagging behind gold’s performance, which has registered about 29 percent in the same period.
It is worth noting that the US spot Bitcoin ETFs had the best day of cash inflows on Thursday, with a total of about $365 million led by BlackRock’s IBIT, Fidelity’s FBTC, and ARK 21Shares Bitcoin ETF (ARKB).
MicroStrategy Thrives
$MSTR is beating 100% of the S&P 500 with #Bitcoin. pic.twitter.com/XqMQHFoXmy
— Michael Saylor (@saylor) September 21, 2024
Since adopting the Bitcoin strategy, MSTR shares have moved with BTC price action. Remarkably, the company has managed to outshine most Wall Street companies, including all the S&P 500 components.
As of this report, MicroStrategy had a market cap of about $30.7 billion and 183 million shares outstanding.
From a technical standpoint, MSTR will continue to have a bullish outlook and print a new all-time high after two decades of consolidation.
