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MicroStrategy Continues to Strengthen Its Position as Top Corporate Bitcoin Holder
Under the leadership of Michael Saylor, MicroStrategy has increased its total Bitcoin holdings to 439,000, solidifying its position as the top corporate BTC holder. This development is the latest in a series of significant Bitcoin purchases made by the company.
Recent Purchase Details
On December 16, MicroStrategy executive chairman Michael Saylor disclosed the firm’s latest Bitcoin purchase, worth $1.5 billion for 15,350 BTC at an average price of $100,386. According to a regulatory filing, MicroStrategy’s entire Bitcoin stash is now valued at over $45 billion, with BTC reaching a new all-time high of $106,000.
Approximately $18 billion of this value represents unrealized profits, with the company’s initial capital investment since 2020 estimated at $27.1 billion. The recent purchase has achieved a BTC Yield of 46.4% QTD and 72.4% YTD.
The “Infinite Money Glitch” Strategy
The so-called “infinite money glitch” strategy employed by MicroStrategy has sparked debates across both traditional finance and crypto communities. Saylor plans to buy $42 billion worth of Bitcoin before 2028 by issuing debt to raise capital from shares investors.
Other companies, such as BTC miners Marathon Digital and Riot Platforms, have also adopted this strategy by filing their treasures with more BTC through convertible notes. While this approach has earned MicroStrategy billions and positioned the company as the top private BTC holding entity, it has also drawn criticism.
Criticism and Risks
The debt-for-BTC strategy heavily relies on Bitcoin maintaining an upward trend, an outcome many in traditional finance and crypto circles view as likely. However, a sharp market correction could jeopardize MicroStrategy’s position and potentially trigger a cascading effect reminiscent of the 2022 crypto market downturn.
Bitcoin Bull Thesis
Despite criticism, Saylor’s steadfast support for Bitcoin has garnered praise from crypto advocates, who point to bullish indicators to counter skepticism. Some key points supporting the Bitcoin bull thesis include:
- The U.S. inching closer to passing laws for a strategic BTC reserve in both federal policy houses and state jurisdictions.
- A global sovereign rush for BTC intensifying after President-elect Donald Trump’s statements on crypto.
- Wall Street, the world’s largest capital market, having over $114 billion domiciled in spot BTC exchange-traded funds, just a year into their existence.
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