Latest news with #Saylor
Yahoo
5 hours ago
- Business
- Yahoo
MicroStrategy Bolsters Its Bitcoin War Chest
Fitting, given its recent name change, Strategy — the Michael Saylor company formerly known as MicroStrategy — is thinking really, really big when it comes to bitcoin. On Monday, the company, a self-styled business intelligence and cloud-based services firm, announced that it had purchased 6,220 bitcoin worth $739.8 million last week. That adds to an already massive stockpile. Massive enough, in fact, that the company now owns roughly 3% of all bitcoin in circulation. READ ALSO: Fine Print: ETFs Born in Banner Year May Lack Staying Power and Gates-Backed 'Green Steel' Startup Clears Key Milestone Bit by Bit In total, Strategy owns 607,770 coins, worth roughly $72 billion as of late Monday. That's enough to make Strategy the world's largest corporate owner of the preeminent cryptocurrency, and is the result of a buying strategy (pun intended) that began back in 2020 as the firm sought a hedge against inflation. Along the way, Strategy has funded its bitcoin buying spree by issuing a combination of common and preferred shares, as well as via debt (case in point: the company said last week's bitcoin purchases were fueled by the proceeds of a roughly $740 million share sale, the vast majority of which were common shares). The gambit by the so-called bitcoin treasury appears to be paying off so far: Shares of Strategy have soared roughly 3,500% since the company began its bitcoin-buying campaign, while the price of bitcoin has soared some 1,100% over the same time. That compares with a measly 120% rise in the overall S&P 500 during the same time, according to a recent Bloomberg analysis. Coming Attractions: The timing of Strategy's latest bitcoin gains was hardly a surprise. Last week also marked 'Crypto Week' on Capitol Hill, with a flurry of pro-crypto industry bills passing in the lower chamber of Congress. Meanwhile, federal officials have been pushing Fannie Mae and Freddie Mac to consider crypto holdings in their mortgage risk assessments, further legitimizing the digital currencies. It's no surprise, then, that Saylor has already hinted at what the company plans to do next: buy more bitcoin. This post first appeared on The Daily Upside. To receive delivering razor sharp analysis and perspective on all things finance, economics, and markets, subscribe to our free The Daily Upside newsletter. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Economic Times
21 hours ago
- Business
- Economic Times
Michael Saylor's Strategy owns 3% of Bitcoin in circulation after latest purchase
Michael Saylor's Strategy now owns more than 3% of all the Bitcoin ever minted following the crypto treasury company's latest purchase of the original cryptocurrency. ADVERTISEMENT The former MicroStrategy Inc. acquired 6,220 Bitcoin for $739.8 million during the seven days ended July 20, according to a filing Monday with the US Securities and Exchange Commission. This raised the Tysons Corner, Virginia-based firm's holdings to 607,770 Bitcoin — which is about 3.05% of the roughly 19.9 million token issued. The stack is worth about $72 billion. Strategy has been using a combination of common and preferred shares, as well as debt, to fund Bitcoin purchases since it began accumulating the cryptocurrency in late 2020 as a hedge against inflation. Dozens of companies have begun to emulate the practice. Strategy is the world's leading corporate owner of Bitcoin. BlackRock's iShares Bitcoin Trust ETF (IBIT) holds about $86 billion in assets. While some other tokens' unlimited supply has concerned investors, Bitcoin's store of value proposition has been buoyed by the 21 million limit on the number of tokens to be mined. Instructions in the network's original code have further helped to promote the scarcity value of the token — like quadrennial halving events that automatically slash the amount of token rewards miners earn. The last Bitcoin is expected to be issued in the year 2140. Strategy said separately Monday that it planned to offer 5 million of variable-rate Series A perpetual Stretch preferred stock to help finance additional Bitcoin purchases. It is the fourth series of preferred shares by the company. The common shares of Strategy has surged more than 3,500% since Saylor - a founder and executive chairman of the company - began buying Bitcoin. The cryptocurrency has risen about 1,100% during the same period, while S&P 500 has increased around 120%. ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
a day ago
- Business
- Time of India
Michael Saylor's Strategy owns 3% of Bitcoin in circulation after latest purchase
Michael Saylor's Strategy now owns more than 3% of all the Bitcoin ever minted following the crypto treasury company 's latest purchase of the original cryptocurrency . The former MicroStrategy Inc. acquired 6,220 Bitcoin for $739.8 million during the seven days ended July 20, according to a filing Monday with the US Securities and Exchange Commission. This raised the Tysons Corner, Virginia-based firm's holdings to 607,770 Bitcoin — which is about 3.05% of the roughly 19.9 million token issued. The stack is worth about $72 billion. Explore courses from Top Institutes in Please select course: Select a Course Category healthcare Product Management Finance CXO Operations Management MCA Others Healthcare MBA others Management Technology Cybersecurity Data Science Digital Marketing Data Science Project Management Artificial Intelligence Public Policy Design Thinking Data Analytics Leadership PGDM Degree Skills you'll gain: Duration: 11 Months IIM Lucknow CERT-IIML Healthcare Management India Starts on undefined Get Details Strategy has been using a combination of common and preferred shares, as well as debt, to fund Bitcoin purchases since it began accumulating the cryptocurrency in late 2020 as a hedge against inflation. Dozens of companies have begun to emulate the practice. Strategy is the world's leading corporate owner of Bitcoin. BlackRock's iShares Bitcoin Trust ETF (IBIT) holds about $86 billion in assets. Crypto Tracker TOP COIN SETS NFT & Metaverse Tracker 15.58% Buy DeFi Tracker 11.00% Buy Crypto Blue Chip - 5 7.78% Buy AI Tracker 6.81% Buy Web3 Tracker 3.48% Buy TOP COINS (₹) BNB 68,682 ( 3.52% ) Buy Bitcoin 10,319,321 ( 1.58% ) Buy Tether 86 ( 0.11% ) Buy XRP 304 ( -0.87% ) Buy Ethereum 322,583 ( -1.33% ) Buy While some other tokens' unlimited supply has concerned investors, Bitcoin's store of value proposition has been buoyed by the 21 million limit on the number of tokens to be mined. Instructions in the network's original code have further helped to promote the scarcity value of the token — like quadrennial halving events that automatically slash the amount of token rewards miners earn. The last Bitcoin is expected to be issued in the year 2140. Did you Know? The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors. View Details » Strategy said separately Monday that it planned to offer 5 million of variable-rate Series A perpetual Stretch preferred stock to help finance additional Bitcoin purchases. It is the fourth series of preferred shares by the company. Live Events The common shares of Strategy has surged more than 3,500% since Saylor - a founder and executive chairman of the company - began buying Bitcoin. The cryptocurrency has risen about 1,100% during the same period, while S&P 500 has increased around 120%.
Business Times
2 days ago
- Business
- Business Times
Michael Saylor's Strategy owns 3% of Bitcoin in circulation after latest purchase
[NEW YORK] Michael Saylor's Strategy now owns more than 3 per cent of all the Bitcoin ever minted following the crypto treasury company's latest purchase of the original cryptocurrency. The former MicroStrategy acquired 6,220 Bitcoin for US$739.8 million during the seven days ended Jul 20, according to a filing on Monday (Jul 21) with the US Securities and Exchange Commission. This raised the Tysons Corner, Virginia-based firm's holdings to 607,770 Bitcoin, which is about 3.05 per cent of the roughly 19.9 million token issued. The stack is worth about US$72 billion. Strategy has been using a combination of common and preferred shares, as well as debt, to fund Bitcoin purchases since it began accumulating the cryptocurrency in late 2020 as a hedge against inflation. Dozens of companies have begun to emulate the practice. Strategy is the world's leading corporate owner of Bitcoin. BlackRock's iShares Bitcoin Trust ETF (IBIT) holds about US$86 billion in assets. While some other tokens' unlimited supply has concerned investors, Bitcoin's store of value proposition has been buoyed by the 21 million limit on the number of tokens to be mined. Instructions in the network's original code have further helped to promote the scarcity value of the token, such as quadrennial halving events that automatically slash the amount of token rewards miners earn. The last Bitcoin is expected to be issued in the year 2140. Strategy said separately on Monday that it planned to offer five million of variable rate Series A perpetual Stretch preferred stock to help finance additional Bitcoin purchases. It is the fourth series of preferred shares by the company. The common shares of Strategy has surged more than 3,500 per cent since Saylor, a founder and executive chairman of the company, began buying Bitcoin. The cryptocurrency has risen about 1,100 per cent during the same period, while S&P 500 has increased around 120 per cent. BLOOMBERG
Yahoo
2 days ago
- Business
- Yahoo
Trump Media buys $2 billion in bitcoin as it embraces crypto
Trump Media and Technology Group, the social media company owned by President Trump, said it has bought about $2 billion in bitcoin and related securities as it remodels itself as an investment firm. Trump Media, which owns the Truth Social app, announced in May that it planned to raise $2.5 billion to buy bitcoin, with the goal of creating a reserve of the cryptocurrency. The $2 billion bitcoin purchase is part of the company's "bitcoin treasury plan," Trump Media CEO Devin Nunes said in a news release on Monday. Mr. Trump, the largest investor in Trump Media, has increasingly focused on cryptocurrencies both through his private businesses and his administration. The company's $2 billion bitcoin purchase comes as Trump Media looks to roll out a range investment products, including a plan to sell exchange-traded funds, or ETFs. The bitcoin purchase will "help ensure our Company's financial freedom, help protect us against discrimination by financial institutions and will create synergies with the utility token we're planning to introduce across the Truth Social ecosphere," Nunes said in a statement. The company also said it has set aside $300 million for an "options acquisition strategy for bitcoin-related securities." Trump Media said it plans to continue acquiring bitcoin. Shares of Trump Media rose $1.04, or 5.6%, to $19.71 in Monday morning trading. The stock has declined 42% ths year. For the first quarter, Trump Media reported revenue of roughly $821,000, up from $770,000 in the year-ago period, a regulatory filing shows. The company reported an operating loss for the quarter of $39.5 million, down from $98.3 million from a year ago. What is a crypto treasury strategy? A crypto treasury strategy involves buying and holding cryptocurrencies, similar to how companies may invest in more traditional assets like bonds to provide them with financial flexibility. The best-known advocate of this approach is billionaire Michael Saylor, who runs a software company called Strategy (formerly known as MicroStrategy). It owns 607,000 bitcoins – worth more than $72 billion at today's bitcoin price — making it the largest public bitcoin treasury company, according to Saylor's company uses a variety of strategies, such as selling shares or issuing debt, to keep expanding its bitcoin holdings. As the digital currency's price has soared to more than $118,000, shooting up 74% over the last year alone, Strategy's stock price has followed, surging more than 3,500% since 2020. That success has also spawned many imitators, while the White House invited him to its Digital Assets Summit earlier this year. The Trump administration is planning a new U.S. "strategic reserve" of crypto assets. Last week, Mr. Trump signed the GENIUS Act, the first major law governing digital currency. "For the past five years, the only thing better than Bitcoin is More Bitcoin," Saylor wrote in a July 17 social media post. What shocked "Matlock" star Kathy Bates? A new you: The science of redesigning your personality "Somebody Somewhere" star Bridget Everett
