As a seasoned crypto investor with a decade of experience under my belt, I must say that MicroStrategy’s continuous Bitcoin acquisition strategy is nothing short of impressive. The company’s holdings are now larger than most ETFs and account for a significant portion of the total Bitcoin supply – a testament to their long-term belief in the potential of cryptocurrency.
Based on the latest information from ecoinometrics, it’s been revealed that MicroStrategy now owns approximately 1.17% of all existing Bitcoins. This tech company has consistently grown its Bitcoin portfolio, a holding that currently dwarfs most Bitcoin-focused exchange-traded funds (ETFs).
MicroStrategy currently owns more than a quarter-million Bitcoins, representing approximately 1.17% of the total Bitcoin supply. This substantial amount exceeds the holdings of Bitcoin ETFs, such as Grayscale GBTC and Fidelity’s FBTC, by a significant margin, as the total Bitcoin supply is capped at 21 million coins.
Gradually, MicroStrategy has been increasing its Bitcoin reserves significantly. Now, this amount surpasses that held by many exchange-traded funds (ETFs).
— ecoinometrics (@ecoinometrics) September 16, 2024
Ever since MicroStrategy made its initial Bitcoin purchase back in August 2020, it has been steadily expanding its holdings, generating news with every subsequent acquisition.
Based on a September 13 announcement by Michael Saylor, the chairman and co-founder of MicroStrategy, the company has purchased approximately 18,300 Bitcoins for around $1.11 billion, with each Bitcoin costing about $60,408. This move has resulted in a quarterly yield of 4.4% and a year-to-date yield of 17.0%. As of September 9, MicroStrategy already owned 244,800 Bitcoins purchased for approximately $9.45 billion, with each Bitcoin costing around $38,585 at that time.
Bitcoin price dips
The price of Bitcoin decreased prior to the anticipated interest rate reduction by the Federal Reserve, a move which has left global markets feeling uneasy.
Currently, the most significant digital currency was being exchanged for approximately $58,539, experiencing a decrease of up to 2.8%. Most cryptocurrencies were likewise registering losses.
As a researcher, I find myself observing an intriguing development – the first reduction in interest rates by the U.S. in over four years. Historically, such a move has often implied more lenient financial conditions. In these circumstances, assets perceived as riskier, such as cryptocurrencies, might find themselves in a potentially favorable position.
Over the past week, Bitcoin received approximately $436 million, after experiencing a withdrawal of around $1.18 billion over the preceding ten days. In the last three weeks, short-Bitcoin flows have reversed; there were outflows totaling $8.5 million following an inflow period of about $8.5 million.
Based on the latest findings from CoinShares, there was a shift in digital asset investment products as they saw an increase in investments totaling approximately $436 million, coming after a stretch where there were withdrawals amounting to around $1.2 billion.
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2024-09-16 18:32