Claim $500Buy MicroStrategy Stock With Bitcoin, Blockstream CEO Adam Back Says
Blockstream co-founder and CEO Adam Back has reiterated the fact that many experts are beginning to take cognizance of MicroStrategy Inc.’s constantly increasing Bitcoin per share.
Based on this, he advised that investors to buy MicroStrategy stock with Bitcoin.
MicroStrategy is Winning
Back’s X post came as a reaction to an earlier insight from Ecoinometrics which pointed out that the business intelligence and software firm is winning as it relates to a chart showing MSTR’s stock price performance concerning the current performance of flagship cryptocurrency Bitcoin.
others starting to notice that btc/share of microstrategy is increasing over time. they ATM buys are slightly anti-dilutive, reduce debt ratio, plus there is leverage which "wins" as btc price goes up. my quiet strategy for a while: buy MSTR using BTC… https://t.co/XADHIBks91
— Adam Back (@adam3us) December 2, 2023
The attention that MicroStrategy is getting presently does not come as a surprise especially as the firm has been raking in more Bitcoin in line with its Treasury Reserve Allocation policy. A few days ago, the Bitcoin-friendly firm purchased of 16,130 BTC at approximately $593.3 million. Each unit of the new Bitcoin acquisition had an average price of $36,785.
Markedly, the purchase brought the current Bitcoin holding of MicroStrategy to a total of 174,530 BTC, considering that the firm had earlier bought 155 units of Bitcoin for $5.3 million as announced in November. As of November 29, MicroStrategy’s Bitcoin portfolio holds as much as 174,530 units of BTC valued at approximately $5.28 billion at an average price of $30,252 per Bitcoin.
With the current price of Bitcoin at $38,875.79, the firm is in a major profit on its stack.
MSTR vs Bitcoin Performance
Bitcoin has been on a positive momentum for the last few weeks, driven by some events including the evolving anticipation for spot Bitcoin ETF approval from the United States SEC and the Federal Reserve’s decision to suspend interest rate hikes.
The leading cryptocurrency is stealthily approaching $40,000 and inching towards a new high for 2023. With its price of $38,792.97, the coin is now up 11% for the month
With the volume of BTC that MicroStrategy owns, the current market situation places the firm in an impressive position with profit enough to cover the senior convertible notes debt it has accrued as some of its BTC assets were purchased with the credit.
In addition, MicroStrategy’s MSTR is equally performing outstandingly well in the market. According to data from MarketWatch, the stock price is now valued at $529.98 with a 0.44% per its close on Friday. This improvement is another indication that Michael Saylor’s Bitcoin strategy is a good choice.
By a large margin, the coin’s stock has outperformed its peers since it adopted its Bitcoin strategy.
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