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MicroStrategy's Michael Saylor appeared on CNBC's "Closing Bell: Overtime" in December, expressing confidence in Bitcoin's trajectory for 2024, stating that a strategy centered around Bitcoin is generally secure for institutions.
Saylor's Wealth Surges
Saylor's strategy, which heavily relies on Bitcoin, has proven immensely profitable, especially this week. MicroStrategy's shares, which largely depend on its Bitcoin holdings, surged by 10% on Wednesday, marking a three-day rally of 40%. As the largest investor in MicroStrategy with a 12% stake and personal ownership of 17,732 Bitcoins, Saylor's wealth skyrocketed by approximately $700 million compared to Sunday.
Bitcoin's Rally and MicroStrategy's Position
The primary catalyst behind this week's surge was Bitcoin's rally to its highest level since November 2021, reaching approximately $64,000 on Wednesday. However, it slightly pulled back to around $60,000 later in the day following glitches in Coinbase's app, causing some users to see a zero balance in their accounts.
Saylor, a fervent supporter of Bitcoin and co-author of the book "What is Money?" published in 2023, transformed MicroStrategy into a major player in cryptocurrency.
A CNBC report states that despite its core enterprise software and cloud-based services business, MicroStrategy's substantial Bitcoin holdings effectively make it a proxy for the cryptocurrency market.
MicroStrategy's aggressive approach to investing in Bitcoin began in mid-2020 when it announced plans to allocate $250 million over the next 12 months to "one or more alternative assets," including digital currencies like Bitcoin. Since then, MicroStrategy has accumulated about 193,000 Bitcoins, valued at close to $12 billion, making it the largest corporate holder of Bitcoin globally.
According to Bnn Breaking, Saylor's highly successful strategy, marked by a notable surge in personal wealth and MicroStrategy's market value, could inspire other corporations to consider Bitcoin and other cryptocurrencies valuable assets for their investment portfolios.
During the recent earnings call on Feb. 7, MicroStrategy's Chief Financial Officer Andrew Kang reiterated the company's commitment to its Bitcoin acquisition strategy, highlighting its status as the world's largest corporate holder of Bitcoin. MicroStrategy's market cap, which stood at about $1.1 billion at the time of the initial Bitcoin investment announcement, has surged to over $16 billion.
With MicroStrategy shares up by 52% year-to-date and a remarkable 346% surge in 2023, Saylor's Bitcoin-centric strategy continues to reap significant rewards for himself and the company.
Photo: Alexander Schimmeck/Unsplash
