MicroStrategy Buys $347 Million Worth of Bitcoin, Now Holds Over $4.6 Billion in BTC
June 28 (Cointime) - MicroStrategy, led by Michael Saylor, has purchased 12,333 bitcoin for $347 million in cash between April 29 and June 27. This brings the company's total bitcoin holdings to 152,333, valued at over $4.6 billion at current prices. The firm's shares were down 1% at $321.44 during pre-market trading, reflecting the decline in bitcoin, which was down over 1% at $30,288.
$10 Trillion Asset Manager and Top Banks Increasingly Betting on Bitcoin through MicroStrategy Stocks
June 15 (Cointime) - Major banks and corporations, including BlackRock, Fidelity, and Bank of America, are increasing their exposure to Bitcoin through purchases of MicroStrategy (MSTR) stocks. This serves as a proxy investment for those not interested in buying Bitcoin directly. While institutions currently hold a significant amount of Bitcoin, they are largely underwater at current prices. Only a few of the top corporate holders have benefited from their investments in Bitcoin so far.
Data Shows Microstrategy's Portfolio Could Increase 54% if They Had Chosen Ethereum Over Bitcoin
New data reveals that Microstrategy, a publicly-listed company, has seen a 14% decrease in the value of its 140,000 Bitcoin (BTC) holdings, which are worth approximately $4.2 billion. Data analyst Holger, from blockchaincenter.net, has released a dataset called "There Is No Second Best," which shows that if Microstrategy had invested in Ethereum (ETH) instead of BTC, the company's portfolio would have increased by 54% to $6.46 billion.
Berenberg analysts prefer MicroStrategy over Coinbase for exposure to cryptocurrencies
Berenberg analysts have differing opinions on MicroStrategy Inc and Coinbase Global Inc. They believe that MicroStrategy is a better choice for exposure to cryptocurrencies due to its unique business model and potential for growth, with a projected increase to $340 a share. However, they only have a "hold" rating for Coinbase stock due to ongoing regulatory scrutiny, with a price objective of $55 a share. MicroStrategy is considered to be insulated from such risks as Bitcoin has already been classified as a commodity and not a security, while the correlation between MSTR and COIN is currently at about 0.96.
MicroStrategy CEO Michael Saylor Predicts Banking Establishment Will Oppose CBDCs and Stablecoins Face Wind Down
Michael Saylor, CEO of MicroStrategy and a well-known Bitcoin advocate, believes that central bank digital currencies (CBDCs) will face significant opposition from the current banking establishment. Saylor predicts that the introduction of a CBDC would disintermediate all banks, starting with the big banks and trickling down to smaller ones, thereby disrupting the prominent role of banks in the financial sector. Additionally, Saylor foresees a bleak future for USD-backed stablecoins, as regulators will likely clamp down on any non-KYC digital dollars.
Berenberg: MicroStrategy Shares Give Investors Better Crypto Exposure than Coinbase
Investment bank Berenberg has suggested that investors looking for exposure to cryptocurrencies may be better off buying shares in MicroStrategy rather than Coinbase. The bank's report highlighted the correlation between the two companies, with MicroStrategy's direct acquisition of bitcoins offering a more favourable business model than Coinbase.
Former MicroStrategy CEO Michael Saylor Believes Bitcoin Rally is on the Horizon due to Regulation, Halving, and Ordinals
MicroStrategy, a business intelligence firm and one of the largest holders of Bitcoin, believes that the cryptocurrency market is bottoming out and that a Bitcoin rally is on the horizon. Michael Saylor, the former CEO of MicroStrategy, cites several factors that could drive BTC to new highs in 2023, including favorable regulations from the SEC and CFTC, the upcoming halving event, and the potential for capital to flow from altcoins to BTC. Saylor also remains bullish about the Ordinals platform, which allows users to attach files to Satoshis, and believes that it will help propel Bitcoin towards new highs. Despite recent price contractions, Bitcoin remains within a bullish formation and could potentially see significant gains in the future.
MicroStrategy Supports Proposal for Fair-Value Accounting of Crypto on Balance Sheets
MicroStrategy, a publicly traded software company known for its investment in bitcoin, has expressed support for a proposal from the Financial Accounting Services Board that would allow firms to use fair-value accounting for cryptocurrency held on their balance sheets. Currently, the company has to use the original purchase price and record cumulative impairment charges, resulting in its bitcoin holdings being valued at only $2 billion on its balance sheet, half its fair market value. MicroStrategy believes that reporting crypto asset holdings under a fair value model would provide investors with a more relevant view of its financial position and the economic value of its bitcoin holdings. The FASB is currently accepting feedback on the proposal until June 6.
Bitcoin has bottomed and the world's biggest cryptocurrency is on a new bull run, MicroStrategy's Michael Saylor says
MicroStrategy's Michael Saylor believes that bitcoin has bottomed and is now on a new bull run. He attributes this to factors such as the halving of bitcoin, increased adoption of the cryptocurrency, and regulatory crackdowns that will weed out competitors. Saylor also notes the significance of recent proposals for crypto accounting and reporting standards, which could lead to further mainstream adoption. Additionally, he highlights the bullish potential of Ordinals protocol activity on Bitcoin's network. Despite some growing pains in the industry, Saylor remains optimistic about bitcoin's future prospects.
MicroStrategy's Michael Saylor Embraces Bitcoin Ordinals and BRC-20 Tokens Amidst Community Debate.
Michael Saylor, co-founder and executive chairman of MicroStrategy, has become one of the few Bitcoin maximalists to publicly embrace Ordinals. Ordinal inscriptions are similar to NFTs and allow for arbitrary and non-financial information, such as images, to be included on the Bitcoin blockchain.
