‘I’m not selling’: Michael Saylor doubles down on bitcoin as the cryptocurrency falls as low as $30,000

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MicroStrategy CEO, Michael Saylor.

  • Bitcoin evangelist Michael Saylor is doubling down on the cryptocurrency despite its recent plunge.
  • Saylor tweeted, “I’m not selling” to his more than 900,000 followers on Wednesday amid bitcoin’s fall.
  • Bitcoin fell as low as $30,000 per coin on the day, while ethereum dropped to under $2,500.
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Noted crypto evangelist Michael Saylor doubled down on bitcoin on Wednesday amid a collapse in the cryptocurrency market.

Bitcoin fell as low as $30,000 per coin on Wednesday and cryptocurrencies as a whole lost nearly 20% of their total market cap in a single day, according to data from CoinMarketCap.com.

Saylor, the co-founder of MicroStrategy, tweeted to his more than 900,000 followers the simple phrase “I’m not selling” amid the drop. The post quickly received more than 30,000 likes.

Saylor has long been a proponent of the crypto space and even held a virtual conference called Bitcoin for Corporations in February to spur institutional investment.

MicroStrategy, an enterprise analytics and software firm, has become one of the largest institutional holders of bitcoin over the past year as well.

The company currently holds some 92,079 bitcoins acquired for roughly $2.251 billion at an average price of approximately 24,450 per bitcoin, according to Saylor.

MicroStrategy’s most recent purchase came a day before bitcoin’s historic drop. The company acquired an additional $10 million worth of bitcoin at an average price of $43,663 per coin, according to a Tweet from Saylor.

MicroStrategy stock fell as much as 15% on Wednesday amid the crypto rout, but mounted a recovery later in the day.

Saylor’s biggest rivals used bitcoin’s fall to take aim at the crypto evangelist. Peter Schiff, a noted gold bull, compared Saylor to Captain Ahab from Herman Melville’s Moby-Dick.

Schiff told his nearly 500,000 Twitter follows that Saylor’s “obsession with Bitcoin will not only be his death but it will kill everyone onboard MSTR.”

“Shareholders must choose between mutiny or jumping ship,” Schiff added.

Read more: ‘Wolf of All Streets’ crypto trader Scott Melker breaks down his strategy for making money using ‘HODLing’ and 100X trade opportunities – and shares 5 under-the-radar tokens he thinks could explode

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Michael Saylor’s MicroStrategy says it bought another $15 million worth of bitcoin, bringing its total holdings to more than $5 billion

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MicroStrategy CEO, Michaely Saylor.

Michael Saylor’s business intelligence firm MicroStrategy bought another $15 million worth of bitcoin on Friday, bringing the company’s total holdings to 91,326 units.

The firm’s bitcoin holdings were worth roughly $5.26 billion as of March 11’s price per coin. Saylor’s firm acquired its bitcoin for some $2.211 billion at an average price of around $24,214 per bitcoin.

Michael Saylor has long been an advocate of digital currencies, and particularly bitcoin. The CEO even held a conference called “bitcoin for corporations” on February 4 to attract more institutional investment. Saylor said he held the conference by “popular demand” after getting so many questions from fellow CEO’s about his company’s bitcoin purchases.

MicroStrategy first bought into bitcoin with a $250 million purchase back in August of 2020.

Since then, Saylor changed MicroStrategy’s treasury reserve policy in order to make bitcoin the company’s treasury reserve asset and then continued his entry into the digital currency market.

Saylor purchased $50 million of bitcoin on December 4, then quickly followed with a December 8 $400 million bitcoin buy.

When MicroStrategy ran out of funds to buy bitcoin, Saylor turned to debt offerings to feed the habit. On February 17, MicroStrategy’s convertible debt offering hit $900 million and the firm used the proceeds to buy more bitcoin.

Since then, MicroStrategy has used bitcoin sell-offs as buying opportunities, and now the company’s digital asset holdings are nearing 100,000 bitcoin.

MicroStrategy’s business plan and operations have taken a back seat to its bitcoin purchases lately. The company boasts a market cap of roughly $7.71 billion as of March 12, but turned in revenues of just $480 million in 2020 while posting a net loss of roughly $7.5 million, according to SEC filings.

MicroStrategy traded down 4.70%, at $770 per share, as of 9:38 a.m. ET on Friday.

MSTR chart 2
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MicroStrategy reveals additional $10 million bitcoin bet, bringing its total holdings close to 100,000 bitcoins

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MicroStrategy has boosted its investment in bitcoin again and now owns almost 100,000 tokens. 

The publicly-traded business intelligence company revealed an additional $10 million bitcoin bet in a filing registered with the Securities and Exchange Commission on Friday.

The company said it bought about 205 bitcoins at an average price of $48,888 per coin, inclusive of fees and expenses.

As of March 5, MicroStrategy holds about 91,065 bitcoins that were purchased for $2.2 billion at an average price of $24,119 per coin. The total value of its bitcoin holding at the time of writing would equate to $4.4 billion.

The price of bitcoin hovered around $48,325 on Friday. Its price has fallen 8% in the past week, alongside rises in bond yields, but is still up 70% year-to-date. “Bitcoin remains highly correlated with bond prices,” said Edward Moya, a senior market analyst at OANDA. “The bond market selloff is showing some signs of stability and that could mean the bitcoin pullback is nearing its end.”

Shares in MicroStrategy are up 64% year-to-date.

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