As Bitcoin (BTC) gains popularity among Wall Street investors, MicroStrategy Inc. (NASDAQ: MSTR) has positioned itself as a major player. The company, known for its enterprise analytics and mobility software, has repeatedly sold shares to institutional investors to buy more Bitcoin.
Recently, MicroStrategy completed a $1.01 billion convertible note offering, due in 2028, specifically to purchase Bitcoin. With this capital, the company acquired 7,420 Bitcoins, worth $458 million, at an average price of $61,000 per Bitcoin. This brings its total Bitcoin holdings to about 252,220 Bitcoins.
Bitcoin’s price has seen significant growth due to its limited supply and increasing demand from institutional investors. The cryptocurrency has risen more than 55% this year, outpacing assets like gold, which gained around 29% over the same period.
On Thursday, U.S. spot Bitcoin ETFs experienced their highest day of cash inflows, totaling about $365 million. This was led by BlackRock’s IBIT, Fidelity’s FBTC, and ARK 21Shares Bitcoin ETF (ARKB).
Since adopting its Bitcoin strategy, MicroStrategy’s stock (MSTR) has moved in line with Bitcoin’s price. The company has outperformed many major Wall Street firms, including all of the S&P 500 companies.
Currently, MicroStrategy has a market capitalization of $30.7 billion, with 183 million shares outstanding. From a technical standpoint, the stock is expected to maintain a bullish trend, potentially reaching new all-time highs after two decades of consolidation.
With its massive Bitcoin holdings, MicroStrategy is poised to reap the rewards of the cryptocurrency revolution. What do you think of this success story?
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