Key takeaways
- Michael Saylor indicated that more Bitcoin investments were imminent.
- Saylor wants to make MicroStrategy the leading Bitcoin bank.
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Michael Saylor, co-founder of MicroStrategy, has hinted at a potential new Bitcoin acquisition following the company’s recent purchase of 27,200 Bitcoins between October 31 and November 10.
Saylor said in a recent article on X that MicroStrategy’s portfolio tracking system needs more “green dots.”
These dots refer to visual markers that indicate each instance of Bitcoin purchased by MicroStrategy, sparking speculation that the company may soon reveal additional Bitcoin investments.
I think we need even more green dots. pic.twitter.com/Rs5hgrnbAm
– Michael Saylor⚡️ (@saylor) November 17, 2024
Saylor made a similar statement last Sunday and the next day, MicroStrategy announced that it had added $2 billion worth of Bitcoin to its holdings.
MicroStrategy’s Bitcoin holdings, now totaling 279,420 BTC, are valued at around $25 billion, with Bitcoin trading at around $90,000. That exceeds the cash reserves of major companies, including IBM, Nike and Johnson & Johnson, according to Bloomberg.
The world’s largest Bitcoin holding company has made over $13 billion in unrealized profits from its Bitcoin investments.
MicroStrategy’s 21/21 plan and the vision of Bitcoin banking
MicroStrategy aims to raise $42 billion over the next three years to fund its Bitcoin purchases.
The strategy, outlined in its third-quarter earnings report, aims to raise $21 billion through new equity issuance and an additional $21 billion through convertible debt or other fixed-income instruments.
Saylor shared in an interview with Bernstein in October that the company’s ultimate goal is to become the leading Bitcoin bank. He and MicroStrategy are betting on a long-term bullish outlook for Bitcoin, projecting astronomical growth in the company’s valuation, potentially reaching between $300 billion and $400 billion, or even $1 trillion if Bitcoin’s value reaches millions of dollars.
MicroStrategy’s stock price has risen astronomically this year – more than 430% – in line with the rise in Bitcoin values, according to data from Yahoo Finance. Since MicroStrategy began purchasing Bitcoin in August 2020, its stock has significantly outperformed other major stocks.
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