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Michael Saylor, the founder and executive chairman of MicroStrategy, revealed on Monday morning that his software company has recently acquired 51,780 Bitcoin valued at $4.6 billion, bringing the total worth of the company’s Bitcoin holdings to nearly $30 billion.
MicroStrategy Founder Expands Firm’s Bitcoin Holdings
As stated in a November 18 post on X by the former CEO of MicroStrategy, the Virginia-based firm now possesses 331,200 Bitcoin, which were obtained for $16.5 billion, translating to $49,874 per token.
Under Saylor’s leadership, the company initiated large-scale Bitcoin purchases in 2020. The current success of the cryptocurrency has enabled the software firm, led by Phong Le, to surpass the performance of the S&P 500.
Data gathered by Bloomberg indicates that MicroStrategy’s Bitcoin reserves now surpass the total cash holdings of Nike Inc. and Johnson & Johnson.
Shortly after Saylor’s announcement on Monday, the controversial internet figure Andrew Tate committed to acquiring $1 million worth of Bitcoin each time MicroStrategy buys the cryptocurrency created by Satoshi Nakamoto.
I promised that each time MicroStrategy buys BTC I will buy 1million USD of BTC.
I am a brokey who cant match his buys, and I already have 100’s of Ms in bitcoin, which is far more than ill ever need.
But for the culture.
EVERY TIME he buys, Ill buy 1M USD more BTC. https://t.co/n7zZW3JcWG— Andrew Tate (@Cobratate) November 18, 2024
“I am a brokey who can’t match his buys, and I already have 100’s of Ms in bitcoin, which is far more than I’ll ever need,” Tate shared on X. “But for the culture. EVERY TIME he buys, I’ll buy 1M USD more BTC.”
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Michael Saylor Anticipates Significant Gains For Bitcoin
The announcement regarding MicroStrategy’s recent Bitcoin acquisition coincides with a recent surge in the token’s value, as the cryptocurrency soared past $93,000 last Wednesday.
Just last week, Saylor appeared on CNBC, forecasting that Bitcoin would exceed $100,000 in value by early 2025.
“I’m planning the $100,000 party,” Saylor mentioned to CNBC. “I’m considering it will likely be New Year’s Eve at my residence, so I would be surprised if we didn’t surpass $100,000 in November or December.”
The MIT graduate also suggested that the election of incoming U.S. president Donald Trump is “incredibly auspicious for Bitcoin” and expressed that he does not foresee “any near-term threats on the horizon” for the cryptocurrency.
Trump frequently promoted cryptocurrencies during his campaign, launching his family’s digital asset platform, World Liberty Financial, and pledging to implement a crypto-friendly regulatory framework upon his return to the Oval Office.
“We will have regulations,” Trump stated at the Bitcoin 2024 Conference, adding, “but from now on, the rules will be written by the people who love your industry, not hate your industry.”
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