Microstrategy and Bitcoin have been inseparable in recent years, with the company diving headfirst into the crypto world. Their latest purchase is making waves once again, showing their relentless commitment to BTC. Let’s explore what’s going on in this exciting chapter of the Microstrategy story.
Microstrategy Buys More Bitcoin
Michael Saylor and Microstrategy just made another big move. They purchased 2,138 Bitcoin for $209 million, raising their total holdings to a jaw-dropping 446,400 BTC. Michael Saylor, the company’s co-founder and Bitcoin’s biggest fan, isn’t slowing down. This marks the eighth consecutive week of Bitcoin purchases for Microstrategy. Despite fluctuating BTC prices, the company is charging forward with its plan to accumulate more. Their goal? To buy Bitcoin at any price, no matter how high it goes.
The Numbers Behind the Purchase
The company didn’t just buy Bitcoin out of pocket. They funded this purchase by selling 592,987 shares during the same week. Microstrategy is clearly using every tool in its arsenal to boost its Bitcoin stash. Their average purchase price for this batch was around $97,837 per BTC. While some critics might raise eyebrows, Microstrategy’s Bitcoin strategy has seen impressive returns. Their Bitcoin yield for 2024 is already at 74%, showing how dedicated they are to this long-term investment.
Microstrategy Wants More Shares
The company isn’t stopping with this purchase. They’ve asked for permission to increase the number of shares they can issue. Why? So they can raise even more funds to buy more Bitcoin. The company plans to expand its authorized shares significantly, giving them plenty of flexibility to keep investing. Michael Saylor and his team are clearly thinking ahead, ensuring they’re ready for the next big opportunity in the crypto market.
Saylor’s Big BTC Vision
Michael Saylor has been loud and clear about his vision for Bitcoin. He believes it’s the future of money and won’t back down from his stance, no matter what critics say. Saylor even teased this recent purchase on social media, keeping Bitcoin fans on the edge of their seats. He’s said before that Microstrategy will continue buying Bitcoin, even if the price soars to $1 million. His unwavering confidence keeps the crypto community buzzing.
What Critics Are Saying
Not everyone is cheering for Microstrategy’s bold moves. Economist Peter Schiff, a known Bitcoin skeptic, has criticized the company for spending big on Bitcoin at higher-than-market prices. He argues that their smaller purchases might not have the impact they hope for. However, Microstrategy isn’t backing down. Their stock has seen ups and downs, but it’s still up over 400% year-to-date. Love it or hate it, their Bitcoin strategy has captured everyone’s attention.
Microstrategy and Bitcoin remain a fascinating duo. With their bold purchases and ambitious plans, the company continues to dominate the crypto headlines. Whether you’re a fan of Michael Saylor’s vision or a skeptic like Peter Schiff, one thing’s for sure: Microstrategy is making waves, and they’re not stopping anytime soon.
