Key Highlights:
- MicroStrategy splashes out $2.03 billion to grab 27,200 more BTC at an average price of $74,463 each.
- The firm’s BTC haul now totals 279,420 coins, with an eye-popping purchase average of $42,692 per coin.
Yello Paradisers! What kind of corporate audacity does it take to drop $2 billion on Bitcoin in under two weeks? Enter MicroStrategy, led by its bitcoin evangelist CEO, Michael Saylor.
Between Oct. 31 and Nov. 10, 2024, the tech firm scooped up approximately 27,200 BTC, burning through $2.03 billion of cash at an average of $74,463 per coin. Yes, you read that right. For perspective, most of us are still considering if we can stretch to a full BTC at today’s prices.
A Running Tally That Would Make Any Whale Blush
After this latest buying spree, MicroStrategy and its subsidiaries have amassed a staggering 279,420 BTC. The grand total spent? Around $11.9 billion, with an average purchase price of $42,692 per coin. Talk about diamond hands, Saylor could make the Mona Lisa crack a grin with that level of conviction.
Playing the Long Game
MicroStrategy’s move isn’t just about flexing its crypto muscles. It came hot on the heels of reporting quarterly sales of $116 million, missing the consensus estimate of $122.66 million.
But don’t shed a tear just yet, despite the revenue hiccup, the company boasted a year-to-date BTC yield of 17.8% as of Oct. 30. Plus, they have a wild plan to raise $42 billion for future Bitcoin acquisitions. That’s not a typo; that’s a declaration of intent with a capital “B.”
The Trump Effect and Beyond
Just to add a pinch more spice, JPMorgan analysts chimed in late last week with a bold prediction: Bitcoin, already riding high on the coattails of Trump’s recent election victory, is set for further lift-off thanks to MicroStrategy’s relentless buying spree. It’s as if Saylor is single-handedly proving that FOMO isn’t just for retail investors, it’s a boardroom sport now.
So, as MicroStrategy loads up its vault with even more BTC, the question remains: Will this epic gamble pay off in the end, or is Saylor just teaching us the fine line between audacity and insanity? One thing’s for sure: when it comes to Bitcoin, Saylor isn’t just in it for the long haul, he’s driving the bus.
