Microstrategy Bought $209M in xc in Q1 2023; Repaid Bitcoin-Backed Loan to Silvergate
Microstrategy continued to invest in Bitcoin over the previous quarter, as indicated by the company’s financial results on May 1.
MicroStrategy Is Uniquely Positioned to Benefit From Rising Bitcoin Price: Berenberg
Berenberg has initiated coverage of MicroStrategy with a buy rating and a $430 price target, citing the company's position as the largest corporate holder of bitcoin as a balance sheet treasury asset. MicroStrategy, founded by Michael Saylor, owns around 140,000 BTC at an average cost of $29,800, worth about $4.1 billion at current prices. Berenberg believes that MicroStrategy shares offer an attractive way for investors to gain exposure to bitcoin and to navigate the digital asset space amidst the ongoing regulatory crackdown. The fourth bitcoin halving, scheduled for May 2024, may serve as a positive catalyst for the BTC price and, by extension, for MicroStrategy shares. The company is due to report Q1 earnings after market close on May 1.
Cointime News Wrapup-Afternoon: UK Treasury Seeks Input on Taxing DeFi Staking and Lending
The proposed regulatory changes seek to simplify how DeFi returns are taxed and reduce the “administrative burden” for taxpayers.
Microstrategy Founder Michael Saylor to Argentines: 'You Need Bitcoin' — Critics Insist BTC Is Too Volatile
Microstrategy founder Michael Saylor has suggested that people living in inflation-stricken Argentina should consider using Bitcoin as an alternative to the faltering local currency. Critics have argued that Bitcoin's volatility makes it an unsuitable alternative. Some Argentinian politicians favour replacing the peso with the US dollar to tackle inflation, which officially stood at 103.4% in March. Yet, despite this apparent widespread support for dollarisation in Argentina, supporters of Bitcoin have voiced their support for Saylor's call on residents to choose the cryptocurrency instead. Dollarising the Argentinian economy would result in the country’s central bank becoming subservient to the policies of the US Federal Reserve and losing seigniorage. (Bitcoin.com)
MicroStrategy's Michael Saylor Emphasizes Bitcoin's Importance for Argentinians Amidst Economic Crisis
Michael Saylor, the co-founder and executive chairman of MicroStrategy, recently emphasized the importance of Bitcoin as a hedge against inflation and financial instability for Argentinians facing a challenging economic climate. Argentina is struggling with soaring inflation rates, which have led to an erosion of salaries and spending power, with nearly 40% of the population living in poverty.
Crypto Market Declines as Bitcoin Falls Below $30,000 Alongside Equities and Blockchain Stocks
Bitcoin and other cryptocurrencies experienced a decline in early U.S. trading, with the leading cryptocurrency falling 3.8% to trade at $29,282 according to Binance data via TradingView. Ether also slipped below $2,000, with altcoins such as Binance's BNB, Ripple's XRP, and Cardano's ADA also experiencing losses over the past day.
MicroStrategy’s Bitcoin Holding Doesn’t Necessarily Pose a Concentration Risk: Bernstein
According to a research report by Bernstein, MicroStrategy's decision to sell its bitcoin tokens to pay down debt is closely tied to how the cryptocurrency performs, presenting a sentiment risk in a down cycle. The company owns approximately 140,000 BTC at an average cost of $29,800, worth about $4 billion at current prices, and has $2.2 billion in debt, with repayments due in 2025 and beyond. MicroStrategy has pledged 15,000 of its bitcoins. High BTC prices mean a stronger balance sheet, higher stock prices, and easier debt repayment without selling its BTC holdings. MicroStrategy holds around 0.7% of total bitcoin in circulation, representing about 20% of daily average traded volume in spot markets.
MicroStrategy Stock Price More Than Doubles in 2023 in Lockstep With Bitcoin
MicroStrategy's infamous Bitcoin (BTC) investment strategy is playing out profitably so far into 2023.
MicroStrategy’s Saylor Integrates Bitcoin Lightning Address Into Corporate Email
Michael Saylor, co-founder of MicroStrategy, has integrated Bitcoin’s Lightning Network into his corporate email address. This allows anyone to use the email address, [email protected], to send bitcoin to the billionaire using The Lightning Address protocol.
Canada’s 6th Largest Commercial Bank Acquired MicroStrategy Shares
National Bank of Canada increased MicroStrategy’s shareholdings by 8.8% during the first quarter, according to its recent 13F-HR form filing.
