Michael Saylor’s MicroStrategy Adds $4.6 Billion Worth of Bitcoin To Stockpile

Bitcoin Michael Saylor MicroStrategy

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Julia Smith

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Julia Smith

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Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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November 18, 2024 14:18 EST

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MicroStrategy founder and executive chairman Michael Saylor announced Monday morning that his software firm most recently purchased 51,780 Bitcoin worth $4.6 billion, catapulting the company’s total Bitcoin holdings value to nearly $30 billion.

MicroStrategy Founder Adds To Firm’s Bitcoin Holdings

According to a November 18 X post by the former MicroStrategy CEO, the Virginia-based company now holds 331,200 Bitcoin acquired for $16.5 billion, or $49,874 per token.

Under Saylor’s direction, the company began buying Bitcoin en masse in 2020. The cryptocurrency’s current success has caused the Phong Le-led software organization to outperform the S&P 500.

According to data compiled by Bloomberg, MicroStrategy’s Bitcoin stash now exceeds Nike Inc. and Johnson & Johnson’s total cash holdings.

Shortly following Saylor’s announcement on Monday, controversial internet personality Andrew Tate pledged to purchase $1 million worth of Bitcoin every time MicroStrategy purchases the Satoshi Nakamoto-created cryptocurrency.

“I am a brokey who can’t match his buys, and I already have 100’s of Ms in bitcoin, which is far more than i’ll ever need,” Tate posted to X. “But for the culture. EVERY TIME he buys, I’ll buy 1M USD more BTC.”

Michael Saylor Predicts Big Wins For Bitcoin

News of MicroStrategy’s latest Bitcoin purchase comes as the token’s value has surged recently, with the cryptocurrency skyrocketing past $93,000 last Wednesday.

Just last week, Saylor appeared on CNBC, predicting that Bitcoin would break above $100,000 in value by the start of 2025.

“I’m planning the $100,000 party,” Saylor told CNBC. “I’m thinking it’s probably going to be New Year’s Eve at my house, so I would be surprised if we didn’t go through $100,000 in November or December.”

The MIT grad further alluded to the election of incoming U.S. president Donald Trump as “incredibly auspicious for Bitcoin” and noted that he does not see “any near-term threats on the horizon” for the cryptocurrency.

Trump regularly touted cryptocurrencies on the campaign trail, launching his family’s digital asset platform, World Liberty Financial, and promising to enact a crypto-friendly regulatory framework when he returns to the Oval Office.

“We will have regulations,” Trump stated at the Bitcoin 2024 Conference, adding, “but from now on, the rules will be written by the people who love your industry, not hate your industry.”