MicroStrategy, led by Michael Saylor, has made another significant Bitcoin purchase, acquiring an additional 3,000 BTC for $155 million. The average price of these acquisitions was $51,813, and they took place between February 15 and 25. As a result, MicroStrategy now holds a total of 193,000 BTC, which they acquired for $6.09 billion at an average price of $31,544. This makes MicroStrategy the largest holder of Bitcoin among publicly traded companies.
Interestingly, the announcement of this purchase coincided with a hack on MicroStrategy’s account. The hacker posted fake token airdrops and malicious links, resulting in the theft of over $440,000. Pseudonymous on-chain investigator ZachXBT reported this incident.
MicroStrategy’s latest Bitcoin acquisition follows positive predictions from senior Bloomberg analysts. These analysts anticipate that Bitcoin exchange-traded funds (ETFs) may surpass gold ETFs in terms of assets under management (AUM) within the next two years. In a research report shared on X by senior Bloomberg analyst Eric Balchunas and associate analyst Andre Yapp, they suggest that the launch of Bitcoin ETFs will introduce more competition for gold.
According to Farside Investors data, the ten Bitcoin ETFs in the United States have accumulated a total of 5,500 BTC since their launch on January 11. During the same period, Bitcoin ETFs have attracted over $5 billion in net assets, while gold ETFs amassed $3.6 billion. Balchunas and Yapp speculate that gold ETFs may struggle to maintain their $90 billion in assets due to the performance of gold prices, which have seen a decline of 0.01% in the past 24 hours, reaching $2,033 per ounce.
Michael Saylor, the CEO of MicroStrategy, has previously expressed his commitment to Bitcoin, stating that he plans to continue buying the cryptocurrency indefinitely. He believes that Bitcoin is technically superior to other asset classes such as gold, real estate, and the S&P 500. In his words, “there’s just no reason to sell the winner to buy the losers.”
At the time of writing, Bitcoin is trading at $51,314, experiencing a 0.67% decrease in the past 24 hours, according to CoinMarketCap.
Relatedly, CryptoQuant data reveals that Bitcoin ETFs account for approximately 75% of new investments in the cryptocurrency market.