Bitcoin continues to surge this week, driving up the stock price of MicroStrategy, the publicly traded company that holds the most Bitcoin in the world. 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 new high this morning, briefly hitting $64,000, the highest level since November 2021. It is now just a stone’s throw away from its all-time high of $69,000. As Bitcoin continues to skyrocket, 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, with its latest move being an additional investment of $155 million to acquire 3,000 more Bitcoins in February. The company currently holds approximately 193,000 Bitcoins, valued at $11.8 billion. This means that MicroStrategy’s Bitcoin holdings have seen a staggering increase of approximately $5.77 billion.
With the surge in Bitcoin and the rise in MicroStrategy’s stock price, Michael Saylor, the founder and chairman of MicroStrategy, has gained approximately $700 million in just three days, according to CNBC. Saylor is the largest investor in MicroStrategy, holding approximately 12% of the company’s shares. He had previously revealed that he personally owns 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 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 could include digital currencies like 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 a Bitcoin spot ETF listing, stating that the demand for a Bitcoin ETF has been suppressed for a decade. Now, mainstream investors finally have access to Bitcoin through ETFs, leading to a massive influx of funds. The demand for Bitcoin from ETFs is ten times the supply that miners can provide, making the spot ETF a significant driving force behind the rise of Bitcoin.
Related reports:
– Michael Saylor: MicroStrategy to Transform into a “Bitcoin Development Company,” Current Bitcoin Holdings Valued at $3.5 Billion
– MicroStrategy’s Twitter Account Hacked! Fake $MSTR Coin Offering Scams Millions, How Does Michael Saylor Respond?
– MicroStrategy’s Q4 Purchase of 31,000 Bitcoins Marks Its Biggest Growth in Three Years, Current Holdings of 190,000 Bitcoins Make It a Big Winner.