MicroStrategy, led by Michael Saylor, has made another significant Bitcoin purchase, acquiring 3,000 Bitcoin for a total of $155 million. This brings their total Bitcoin holdings to 193,000, which were acquired at an average price of $31,544, totaling $6.09 billion. As the largest publicly traded holder of Bitcoin, MicroStrategy continues to expand its position in the cryptocurrency.
Interestingly, the announcement of this purchase coincided with a hacking incident on MicroStrategy’s account, where a hacker posted malicious links in an attempt to steal user funds. It was reported that over $440,000 was stolen as a result of this fraudulent announcement. Pseudonymous investigator ZachXBT provided this information.
MicroStrategy’s recent Bitcoin acquisition aligns with optimistic predictions from Bloomberg analysts. They anticipate that Bitcoin exchange-traded funds (ETFs) could surpass gold ETFs in terms of assets under management (AUM) within the next two years. In a research report shared by senior Bloomberg analyst Eric Balchunas and associate analyst Andre Yapp, it was suggested that the successful launch of Bitcoin ETFs would introduce more competition for the precious metal.
Data from Farside Investors reveals that the top 10 Bitcoin ETFs in the United States have accumulated a total of 5,500 Bitcoin since their launch on January 11. These ETFs have attracted over $5 billion in net assets, surpassing the $3.6 billion accumulated by gold ETFs during the same period. Balchunas and Yapp noted that the underperformance of gold’s price could lead to challenges in maintaining its current $90 billion in assets. Gold prices currently stand at $2,033 per ounce.
Michael Saylor, the CEO of MicroStrategy, has previously expressed his unwavering commitment to Bitcoin. He stated that he will continue to buy Bitcoin indefinitely, emphasizing its technical superiority over traditional assets such as gold, real estate, and the S&P 500. Saylor firmly believes that there is no reason to sell a winning asset to invest in lesser-performing ones.
In the past 24 hours, Bitcoin experienced a slight decline of 0.67% and is currently trading at $51,314, according to CoinMarketCap.
Relatedly, CryptoQuant reported that Bitcoin ETFs account for approximately 75% of new investments in the cryptocurrency market.