MicroStrategy surpasses IBM and Nike in Bitcoin holdings value, plans to raise $42 billion

From Investing.com

November 17, 2024 1:00:17 pm:

MicroStrategy’s Bitcoin holdings, valued at $26 billion, surpass the cash reserves of global giants like IBM and Nike. The company holds nearly 279,420 Bitcoins acquired at an average price of $42,692 each, making it one of the largest corporate holders of the cryptocurrency.

MicroStrategy’s shares have surged by 2,500% as Bitcoin’s value rose over 700% since 2020. The company introduced a performance metric called Bitcoin yield, currently at 26.4%, to analyze the change in its Bitcoin holdings ratio. Bitcoin reached a record high of over $93,500 last Wednesday.

CEO Michael Saylor invested in Bitcoin as a hedge against inflation, using cash reserves, stock issuance, and convertible debt to purchase more. MicroStrategy plans to raise $42 billion in the next three years to further expand its Bitcoin holdings, solidifying its position as a major player in the cryptocurrency market.

Read more at Investing.com: MicroStrategy Bitcoin Stash Surpasses IBM, Nike in Major Milestone By U.Today