MicroStrategy's resolute path with Bitcoin: Undaunted by potential ETF approvals
Undeterred by potential ETF approval, MicroStrategy remains steadfast in its Bitcoin course, led by Michael Saylor
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MicroStrategy, a prominent software developer known for its substantial Bitcoin holdings, plans to raise $750 million by selling additional stock. The company aims to utilise the funds for various purposes, including acquiring more Bitcoin. Following the announcement, the price of Bitcoin experienced a noticeable rise.
MicroStrategy's Chairman, Michael Saylor, has been a vocal advocate for Bitcoin, leading the company to buy billions of dollars worth of the crypto since the onset of the pandemic. The company has previously utilised stock and equity sales to fund its Bitcoin purchases as part of its strategy. This latest move reaffirms their commitment to expanding their Bitcoin holdings.
Currently, MicroStrategy holds an impressive 152,800 bitcoins, which translates to an approximate value of $4.5 billion. The decision to raise funds through stock sales aligns with the company's intention to bolster its crypto investments further.
Saylor is confident that even if a spot Bitcoin ETF gains approval, MicroStrategy will remain an appealing option for investors seeking Bitcoin exposure. He believes the company's unique operating strategy differentiates it from traditional ETFs.
In a recent interview, Saylor likened the potential impact of a Bitcoin ETF approval to a "supertanker" and MicroStrategy to a "sports car." He anticipates that the ETF's approval will attract more significant investments into the crypto space, primarily from large hedge funds.
