Bitcoin continued to surge this week, driving up the stock price of MicroStrategy, the publicly listed company with the largest Bitcoin holdings. MicroStrategy’s stock price has risen by 40% this week, and the personal wealth of its founder, Michael Saylor, has increased by $700 million.
Bitcoin reached a high of $64,000 this morning, setting a new high since November 2021 and approaching its all-time high of $69,000. With the continuous surge of Bitcoin, MicroStrategy’s stock price has risen by 10.46% on Wednesday, accumulating a total increase of 40% this week.
MicroStrategy has invested a total of $6.08 billion to purchase Bitcoin, and its latest move was to invest $155 million to acquire an additional 3,000 Bitcoins in February. The company currently holds approximately 193,000 Bitcoins, valued at $11.8 billion. This means that MicroStrategy’s Bitcoin holdings have surged by approximately $5.77 billion.
As Bitcoin continues to surge and MicroStrategy’s stock price rises, CNBC reported that Michael Saylor, the founder and CEO of MicroStrategy, has increased his personal wealth by approximately $700 million in just three days. Saylor is the largest investor in MicroStrategy, holding approximately 12% of the company’s shares. He had previously revealed in 2020 that he personally holds 17,732 Bitcoins. Based on this, his wealth has increased from $2.27 billion at the beginning of this week to $2.96 billion.
MicroStrategy announced its plan to invest in Bitcoin in 2020. During a financial earnings conference call that year, the company stated its intention to invest $250 million in “one or more alternative assets” within the next 12 months, which may include digital currencies such as Bitcoin. At that time, the company had a market value of approximately $1.1 billion, which has now surpassed $16 billion.
Michael Saylor has previously emphasized the importance of the listing of a Bitcoin spot ETF, stating that the demand for a Bitcoin ETF has been suppressed for a decade. Now that mainstream investors can finally access Bitcoin through ETFs, a large influx of funds is expected. The demand for Bitcoin through ETFs is ten times the supply that miners can provide, making spot ETFs a significant driving force behind the surge in Bitcoin.
Related Reports:
– Michael Saylor: MicroStrategy to Transform into a “Bitcoin Development Company,” Current BTC Holdings Worth $3.5 Billion
– MicroStrategy’s Twitter Account Hacked! Scammers Phish Millions with Fake $MSTR Coin, How Did Michael Saylor Respond?
– MicroStrategy’s Q4 Bitcoin Purchase of 31,000 BTC Marks the Largest Growth in Three Years, Current Holdings of 190,000 Bitcoins Make Them the Big Winners.