Michael Saylor Conjures Stock Market Magic With Giant Plan to Buy More Bitcoin
Michael Saylor’s MicroStrategy tops Coinbase as the biggest crypto stock after revealing huge plan to buy more bitcoin (BTC).
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Michael Saylor
Michael Saylor’s MicroStrategy tops Coinbase as the biggest crypto stock after revealing huge plan to buy more bitcoin (BTC).
MicroStrategy Executive Chairman Michael Saylor at Bitcoin 2024 in Nashville, Tennessee (CoinDesk/Danny Nelson)
Microstrategy hits 17% of the trade volume of nvda
Bears on MicroStrategy’s high stock price compared to the amount of its bitcoin holdings are overlooking the company’s “unique” shareholder value, investment banking firm Benchmark said in a research report on Friday.
With the latest acquisition, the company now holds 252,220 bitcoin worth nearly $16 billion at current prices.
The company is the largest corporate bitcoin holder with 244,800 bitcoin worth over $14 billion in its treasury.
It was more than two years before Bitcoin’s birth when Dr. Herbert Semler, who served as a flight surgeon in the Korean War before leading cardiology at a Portland hospital, co-founded Semler Scientific in 2007.Seventeen years later, the medical device manufacturer has converted much of its cash holdings to bitcoin and aims to buy a lot more.
The broker raised its year-end price target for the software company to $2,150 from $1,875.
MicroStrategy reported second-quarter earnings on Thursday.
U.S. Sen. Tim Scott (R-S.C.), the top Republican on the Senate Banking Committee who may be in position to be its next chairman, argued at a Bitcoin 2024 appearance on Friday that the government should “make it easy” for the crypto industry to innovate in the U.S.