Another Bitcoin Miner Adopts MicroStrategy’s Playbook of Buying BTC in Open Market
Cathedra Bitcoin will move away from mining business and will develop data center instead.
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Cathedra Bitcoin will move away from mining business and will develop data center instead.
The company is the largest corporate bitcoin holder with 244,800 bitcoin worth over $14 billion in its treasury.
The firm now holds over 244,800 bitcoin, founder Michael Saylor said in an X post.
South Korean pension fund, National Pension Service (NPS), has bought MicroStrategy (MSTR) shares worth nearly $34 million in the second quarter of this year, according to filings made public earlier this week.
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.
The company is the largest corporate bitcoin holder with more than $13 billion worth of BTC in its treasury.
Bloomberg ETF analyst Eric Balchunas said this will be the ‘ghost pepper’ of ETF hot sauce.
The company held 214,400 bitcoins as of the end of April, which at current prices would be worth about $14 billion.
Michael Saylor’s firm is the only corporation that has developed institutional demand for bitcoin linked convertibles, the report said.