Energy
Thursday, February 29th, 2024 7:12 pm EDT
Key Points
- Michael Saylor’s bullish stance on Bitcoin, emphasizing its reliability for institutional strategies, has been affirmed by MicroStrategy’s significant gains, particularly evident in a recent surge of 40% over three days.
- Saylor, owning a substantial stake in MicroStrategy and a considerable number of bitcoins personally, saw his holdings increase by approximately $700 million, reaching a total value of $2.96 billion.
- MicroStrategy’s transformation into a Bitcoin proxy, driven by its substantial Bitcoin ownership, has propelled the company’s market value from $1.1 billion to over $16 billion since announcing its Bitcoin investment plan in mid-2020.
MicroStrategy’s Michael Saylor, a prominent advocate for Bitcoin, reiterated his faith in the cryptocurrency, asserting that a strategy centered around Bitcoin remains secure for institutions in 2024. This sentiment has been vindicated by MicroStrategy’s recent stock surge, driven largely by Bitcoin’s rally to its highest level since November 2021. Saylor, holding a significant stake in MicroStrategy and personal ownership of a substantial number of bitcoins, saw his holdings increase by approximately $700 million in just three days, reaching a value of $2.96 billion. The company, known for enterprise software and cloud-based services, has transformed into a proxy for Bitcoin due to its substantial Bitcoin ownership. With MicroStrategy and its subsidiaries now owning about 193,000 bitcoins worth nearly $12 billion, the firm has become the largest corporate holder of Bitcoin globally. MicroStrategy’s commitment to its Bitcoin acquisition strategy has significantly boosted its market value, which has soared from $1.1 billion to over $16 billion since announcing its Bitcoin investment plan in mid-2020. Despite fluctuations in Bitcoin’s price and occasional glitches like those experienced by Coinbase users, MicroStrategy’s shares have surged, reflecting investor confidence in Saylor’s Bitcoin-centric approach.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/02/28/bitcoin-bull-michael-saylor-nets-700-million-on-three-day-crypto-gain.html
