Michael Saylor, MicroStrategy CEO, joins 'Closing Bell: Overtime' to discuss the crypto rally, on the next SEC Chair and crypto outlook.
Michael Saylor is a perennial crypto bull.
Though many technology and cryptocurrency stocks have achieved massive success in 2024, with MicroStrategy (NASDAQ: MSTR) being a prime example as it is up 420.42% year-to-date (YTD), few have matched the feat accomplished by one nano-cap Bitcoin (BTC) miner.
MicroStrategy said that because of the volume of share sales to raise money to buy bitcoin, Michael Saylor, the company's co-founder and chair, will no longer hold the majority of voting power.
MicroStrategy Inc. (NASDAQ: MSTR) has been riding the crypto wave, with its stock price surging alongside Bitcoin's (BTC) recent all-time highs.
Following my prior "strong buy" article rating, MicroStrategy's stock surged 86.59% to $351.73 due to strong growth in bitcoin holdings, but I am now downgrading the stock to "hold." Despite positive subscription revenue growth, MicroStrategy faces significant headwinds with -$340.2 million in net losses and declining software segment revenues. MSTR's market cap is significantly overvalued compared to its bitcoin holdings, with a premium near 3x, raising concerns about sustainability.
MicroStrategy just announced a bold new plan to buy $42 billion worth of Bitcoin during the next three years.
Michael Saylor has been spot on with his Bitcoin prediction (and backed it up with a monstrous bet). In a recent interview, he broke down his long-term bullish thesis for Bitcon.
The bull run continues for cryptocurrencies.
Shares of MicroStrategy Inc. entered record territory Monday for the first time in 24 years, as the self-proclaimed largest corporate holder of bitcoin continued to ride the postelection frenzy in cryptocurrency plays.
Software firm cum Nasdaq-listed bitcoin proxy MicroStrategy Incorporated (NASDAQ:MSTR) is not allowing all-time high bitcoin prices to dissuade it from buying vast sums of the world's largest cryptocurrency. Under the command of founder and bitcoin maximalist Michael Saylor, MicroStrategy bought another 27,200 bitcoins for $2.03 billion in cash between 31 October and 10 November.
There's still immense potential for the original crypto, but how much?