Summary
TLDR: MicroStrategy now holds 205,000 bitcoins, slightly more than BlackRock’s spot bitcoin ETF. They used convertible notes and excess cash to buy 12,000 bitcoins for $820 million. The value of their bitcoin is now $14.9 billion. MicroStrategy founder believes bitcoin will outperform gold as a store of value. Stock is up 123% in the past month, competing with bitcoin ETFs. The company has rebranded as a “bitcoin development company.”
Key Points
1. MicroStrategy now holds 205,000 bitcoin after revealing the latest addition to its stockpile amid a crypto price rally.
2. The largest publicly traded holder of bitcoin used proceeds from convertible notes as well as excess cash to buy 12,000 more bitcoins for about $820 million.
3. MicroStrategy’s stock was up about 12.5% on the day and is up about 123% from a month ago, outpacing BTC’s price rise of about 50% over that span.