One analyst raised his price target from $245 to $300 per share on news of MicroStrategy’s bold Bitcoin buying plans.
Michael Saylor's MicroStrategy tops Coinbase as the biggest crypto stock after revealing huge plan to buy more bitcoin (BTC).
As institutional interest in Bitcoin soars, the crypto community grapples with fundamental questions about custody and control.
MicroStrategy has unveiled a bold three-year plan to raise $42 billion in capital aimed at expanding its Bitcoin holdings significantly, according to an Oct. 30 statement. Dubbed the “21/21 Plan,” this strategy intends to gather $21 billion from equity and an additional $21 billion through debt, with the funds directed toward increasing the company’s Bitcoin […]
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The T-REX 2X long MSTR Daily Target ETF (MSTU) has rallied 235% since its introduction six weeks ago, an annualized equivalent return of 57,000%, according to Bloomberg analysis.
A notable outperformer was bitcoin miner Bitfarms, which nominated a new board member amid its proxy battle with Riot Platforms.
Japan-based investment firm Metaplanet has now accumulated over 1,000 Bitcoin (BTC) with its latest acquisition, establishing itself as one of Asia’s largest corporate holders of the digital asset. Metaplanet’s Bitcoin Holdings Top 1,000 BTC In an announcement made on October 28, Tokyo-listed Metaplanet stated it had purchased an additional 156.78 BTC at an average price of $66,436 per BTC. The latest purchase has propelled Metaplanet’s total BTC holdings to 1,018 BTC, acquired at an average price of $61,629. Related Reading: Bitcoin Begins Month With A Rebound As Metaplanet’s BTC Investment Tops $10 Million Commenting on the milestone, Metaplanet CEO Simon Gerovich noted, “This latest BTC purchase makes Metaplanet one of the largest corporate holders of Bitcoin in Asia.” The company further stated: Since adopting bitcoin as a treasury reserve asset, the company has strategically increased its total bitcoin holdings through acquisitions funded by capital market activities and operational income. Metaplanet first declared its decision to adopt Bitcoin as a strategic reserve asset in May 2024. Adhering to a “Bitcoin-first, Bitcoin-only” approach, Metaplanet further expanded its BTC holdings with a $2 million purchase in September. Over the summer, Metaplanet embarked on a Bitcoin acquisition spree, purchasing more than 50% – approximately 620 BTC – of its current holdings within a single month, from September 30 to October 28. Notably, this acquisition has now placed Metaplanet ahead of another prominent Asian firm, Meitu Inc., in terms of total BTC reserves. According to CoinGecko data, Meitu Inc. currently holds 940 BTC compared to Metaplanet’s 1,018 BTC. Among publicly traded companies with significant BTC reserves, Metaplanet now ranks 15th, with the list led by US-based business intelligence firm MicroStrategy, which holds an impressive 252,220 BTC, representing close to 1.2% of the total Bitcoin supply. BTC Strategy Reflecting In Metaplanet’s Share Price According to Arkham Intelligence, Metaplanet’s BTC investment strategy appears to be yielding strong results. At the current Bitcoin price of slightly above $67,000, Metaplanet has an unrealized gain of over $6 million. Related Reading: Bitcoin Retail lnvestors Remain Cautious Despite Price Gain – Details In its announcement, Metaplanet highlighted a key performance indicator (KPI) called “BTC yield,” which reflects the percentage change in the ratio of total BTC holdings to fully diluted shares outstanding over a specific period. In essence, the KPI helps investors assess the impact of Metaplanet’s Bitcoin acquisitions on shareholder value. Between October 1 and October 28, Metaplanet’s BTC yield surged to 155.8%. Following the news of today’s BTC purchase, Metaplanet’s stock price jumped more than 7%, according to data from Yahoo! Finance. In related news, Maltese asset management firm Samara Group recently announced plans to issue bonds worth over $32 million, with a portion of the proceeds potentially allocated toward BTC purchases as a strategic reserve asset. At press time, BTC trades at $68,780, up 1.6% in the past 24 hours, with a total market cap of slightly more than $1.35 trillion. Featured image from Unsplash, Chart from Tradingview.com
Michael Saylor’s MicroStrategy is back in the news, with its stock trading at a 25-year high. TradingView’s recent data shows that MicroStrategy (MSTR) hit $235.89 in Thursday’s session. The stock’s price increased by more than 7% on October 25th. MicroStrategy’s price action last Thursday continued its 6-week rally and came ahead of its scheduled Q3 earnings report. Related Reading: Whales Hit All-Time High Bitcoin Holdings At 670,000 – What Does This Mean For BTC? This week’s stock performance reflected the company’s consistent growth over the past few years. MicroStrategy has outperformed most of its peers in the S&P 500 index and even outpaced Microsoft’s growth since 1999. According to observers, MicroStrategy is bullish, with market analysts listing $245 as the stock’s next target. MicroStrategy Continues Its Bitcoin Focus MicroStrategy, a Virginia-based Bitcoin development company, is currently the world’s largest corporate holder of Bitcoin, with 252,222 BTC. With Bitcoin’s current price of $67,392, the company holds more than $17 billion in assets. MicroStrategy Stock Hits New Highs MicroStrategy’s stock (MSTR) has soared over 7% to a 25-year high of $236, with a current market cap of $47 billion, overtaking Microsoft in all-time stock gains. Since adopting Bitcoin as a treasury asset in 2020, MicroStrategy’s stock is up… pic.twitter.com/cyXS0KODCD — The Wolf Of All Streets (@scottmelker) October 25, 2024 Initially, the company developed software to analyze external and internal data to help decision-making, with IBM Cognos, Oracle Corporation’s BI Platform, and SAP AG Business objects as its primary competitors. However, in August 2020, the company changed its business model to focus on Bitcoin. The company has raised $4.25 billion from its equity offerings, the foundation for growing its Bitcoin holdings. MicroStrategy’s Bitcoin Plan Has Its Costs, Too As part of its Bitcoin plan, it aims to buy BTC at every opportunity. For the most part, Saylor’s strategy was a hit. However, the business plan to focus on Bitcoin came at a cost, and Saylor earned a few detractors and critics along the way. For example, the company has expanded its convertible note offering to raise funds to buy more Bitcoin. However, the bulk of these notes do not mature until 2032. Some market observers also say that MicroStrategy is in a difficult situation, especially during market downturns. Since the company relies on Bitcoin, the company’s future is dependent on crypto’s extreme volatility. Although most criticisms are valid, Michael Saylor remains defiant and has since doubled its BTC investments. Hey @SatyaNadella, if you want to make the next trillion dollars for $MSFT shareholders, call me. pic.twitter.com/NPnVvL7Wmj — Michael Saylor⚡️ (@saylor) October 25, 2024 Related Reading: Against All Odds: Solana (SOL) Breaks Past $176 In 3-Month Push Next Target For MicroStrategy Is $245 Market observers are now bullish on Saylor’s company. According to Mark Palmer, the company’s stock has boasted a 17.8% yield since starting its Bitcoin strategy. Palmer and the other analysts now target $245 to address this sudden surge and bullish sentiment. Palmer adds that the company’s share price has increased by 1,600% in the last four years, and more gains are possible. It also helps that Michael Saylor has remained steadfast in his vision and passion for Bitcoin. In a recent Twitter/X post, MicroStrategy’s executive chairman hinted at the company’s next move and made a pitch to Microsoft’s Satya Nadella. Featured image from Dall.E, chart from TradingView
Bitcoin prices are steady above the $66,000 support when writing on October 25. While confidence is high, the coin is still trending below the psychological round at $70,000. It has yet to shake off sellers in early October. Demand For Spot Bitcoin ETFs Shoots To A 6-Month High However, looking at emerging spot Bitcoin ETF […]
Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
MicroStrategy is up over 1,500% since 1999 compared to Microsoft’s 1,460% gains during the same 25-year period.
Microstrategy hits 17% of the trade volume of nvda
Tokyo-listed investment firm Metaplanet has announced that its ongoing Bitcoin purchases have delivered positive returns for shareholders, with a reported 116% yield this month, according to an Oct. 25 statement. This gain reflects a substantial jump from the 41.7% yield recorded on Metaplanet’s Bitcoin holdings from July 1 to Sept. 30. The company attributed this […]
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In a recent interview with journalist Madison Reidy, Michael Saylor, CEO of MicroStrategy, ignited significant controversy within the Bitcoin community over his remarks on custody and regulation. Addressing concerns about the risks of large amounts of BTC being held by third-party custodians and major institutions, Saylor argued against self-custody and downplayed fears of increased seizure […]
Once again making news, Metaplanet Inc., often known as “Asia’s MicroStrategy,” raised 10 billion yen (about $68 million) through a recent stock sale. The goal of this significant investment is to support its aggressive Bitcoin acquisition strategy. Similar to the tactics of well-known companies like MicroStrategy, the move comes as the company keeps positioning itself […]
The fund touts leveraged exposure to Bitcoin and gold as investors brace for inflation and geopolitical strife.
Crypto exchange Coinbase and Bitcoin miners CleanSpark and Iren closed Oct. 14 with double-digit percentage gains and continued to climb after the bell.
MicroStrategy could soon have bigger bitcoin pockets than Grayscale.
Bitcoin’s monthly close could reverse a 6-month-long downtrend and signal traders’ intent to push BTC price to new highs.
Bitcoin’s monthly close could reverse a 6-month-long downtrend and signal traders’ intent to push BTC price to new highs.
Bitcoin’s monthly close could reverse a 6-month-long downtrend and signal traders’ intent to push BTC price to new highs.
Seven days after hitting the market, the T-REX 2X Long MSTR Daily Target ETF (MSTU) has become one of the most successful new exchange-traded funds (ETFs) on the market after attracting over $72 million.
MicroStrategy was shot into the limelight when it began publicly buying Bitcoin back in 2020. While it is not the only publicly listed company to do this, the company’s aggressive Bitcoin strategy set it apart from the rest. Four years later, MicroStrategy is now the public company with the largest BTC holdings in the world, recording over $5 billion in profit so far. However, the profit on the BTC holdings is not the only positive that has come from the company’s Bitcoin investment strategy. MicroStrategy’s Stock Price Blows Up MicroStrategy’s MSTR stock price has completed an incredibly successful year that has seen it perform the big hitters in the stock market. A year ago, the MSTR stock price was sitting at a low of $45. However, as the Bitcoin price recovered and the company’s BTC portfolio grew, so did the company’s stock price. Related Reading: Crypto Analyst Predicts What Will Drive The Ethereum Price Back Above $3,000 Again In only one year, the price surged more than 317% to reach a new all-time high of $192 back in March 2024, according to data from TradingView. This put it above its previous February 2000 peak of $139, making it its highest level in more than two decades. Interestingly, the surge to the $192 all-time high in March coincided with the the Bitcoin all-tine high of $73,750 in the same month. This suggests that the MicroStrategy stock price is closely correlated with the Bitcoin price performance. It’s understandable given that Bitcoin has become the company’s largest holdings, meaning that as the Bitcoin price rises, so does the valuation of the company, translating to an increase in the stock price. Currently sitting at $167 at the time of this writing, meaning it’s 16% down from its $192 all-time high. However, it is still 250% higher than its $45 price level a year ago. This puts it ahead of the likes of Apple which is up only 24% year to date and Amazon, with a 34% year-to-date increase. Even NVIDIA’s outstanding performance falls behind MicroStrategy, with a 155% year-to-date increase. Padding Up With Bitcoin Despite being four years in, MicroStrategy is not letting up on its Bitcoin purchases, with major purchases this year. In 2024 alone, the company has bought 63,079 BTC which cost around $4.04 billion to acquire. The most recent purchase was on September 20, when former CEO Michael Saylor announced that the company had purchased 7,420 BTC for $489 million. This has brought the company’s total BTC holdings to 252,200 for a whopping cost price of $9.9 billion. Related Reading: Dogecoin Eyes Bullish 50% Rally To $0.16, But Will A Crash Come First? Despite the already massive Bitcoin holding, accounting for more than 1.166% of the total supply, MicroStrategy plans to continue buying BTC. The company announced it was offering $700 million in convertible notes, which was later amended to $1 billion, the proceeds of which would be used to purchase more BTC. As for the company’s plan for its massive BTC stash, Saylor has previously revealed that the company has no plans of selling soon. For now, the plan looks to be to buy as much BTC as possible to hold as a treasury asset. Featured image created with Dall.E, chart from Tradingview.com
The proliferation of institutional Bitcoin custodians creates opportunities for MicroStrategy, according to a Benchmark analyst.
Exploring the unique strategies and competitive landscape of BlackRock's IBIT vs. MicroStrategy
Stablecoin issuer Circle is moving forward with its public offering debut and plans to shift its headquarters to Wall Street in 2025.
With the latest acquisition, the company now holds 252,220 bitcoin worth nearly $16 billion at current prices.
MicroStrategy completes a $1.01 billion convertible note offering, allocating proceeds for Bitcoin purchases and debt repayment.
Cathedra Bitcoin will move away from mining business and will develop data center instead.