Michael Saylor — the co-founder of world’s top corporate Bitcoin (BTC) holder MicroStrategy — posted the Bitcoin chart, hinting at an imminent purchase.
“Things will be different tomorrow,” Saylor commented on the chart in his X post — presumably hinting at the beginning of pro-crypto Republican candidate Donald Trump’s presidency. The tweet was followed by him announcing in a separate X post that MicroStrategy has acquired 11,000 BTC for about $1.1 billion at just under $101,200 per Bitcoin.
The details
MicroStrategy is a publicly traded business intelligence company founded in 1989 that pivoted to acquire as much Bitcoin as possible in 2020. The company now holds well over 1% of all Bitcoin that will ever exist and is now well underway to get its hands on 2%.
By simply accumulating and ever-growing amount of Bitcoin, MicroStrategy was able to rake in enough funding to become the world’s top corporate Bitcoin holder. The firm also attracted investment from institutional players when investing in Bitcoin was near to impossible for highly-regulated investors — being viewed as a leveraged bet on Bitcoin.
Late November 2024 reports highlighted how major Wall Street companies were accumulating MicroStrategy shares as a way to gain leveraged exposure to Bitcoin. Still, just when Bitcoin was about to hit $100,000 for the first time ever MicroStrategy shares fell vertiginously.
Even more puzzlingly, major investment firm Citron Research explained at the time that the company decided to short MicroStrategy while going long on Bitcoin. The firm explained the decision at the time:
“With Bitcoin investing easier than ever […], [MicroStrategy]’s volume has completely detached from BTC fundamentals. While Citron remains bullish on Bitcoin, we’ve hedged with a short [MicroStrategy] position.”
At the time of writing, Bitcoin is trading at over $105,600, having increased by 0.9% in the last 24 hours and 10.22% in the last seven days. The world’s first cryptocurrency’s market cap currently stands at nearly $2.1 trillion.