Michael Saylor, founder and chairman of MicroStrategy, is Christmas’ most predictable gift giver.
All he ever does is buy Bitcoin.
announced that it had acquired more than 5,000 of the cryptocurrency.
That caps a frenetic holiday shopping spree.
MicroStrategy has gobbled up about 113,000 Bitcoins since mid-November, according to filings with the Securities and Exchange Commission.
At current prices, that’s about $11 billion.
Microstrategy’s buying spree from mid-November to December is its largest month-long splurge on record.
The company’s Bitcoin treasury now numbers more than 444,000 Bitcoins, or about $44 billion.
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Since January, its stock price has more than quintupled to now trade at about $360.
actual business, selling data analytics software to large enterprises, has taken back seat to its never-ending purchases of Bitcoin.
Traders and Wall Street analysts see the company’s stock as a proxy, which moves in lockstep with Bitcoin’s rises and falls, for the cryptocurrency.
To fund its Bitcoin purchases, MicroStrategy uses surplus cash from its software business as well as equity and debt issuances.
It’s a strategy some analysts have criticised.
said on X.
Crypto market movers
Bitcoin is up 5.1% in the past 24 hours to trade at $98,705. Ethereum is also up 3.7% to trade at $3,521.What we’re reading
Ben Weiss is DL News’ Dubai Correspondent. Got a tip? Email him at [email protected].
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