MicroStrategy Stock Has No Top: Max Keiser

Hardcore Bitcoin supporter and Bitcoin advisor to El Salvador president Max Keiser has made a stunning statement about MicroStrategy – the business intelligence company founded and spearheaded by Michael Saylor.

He stated that the potential for MicroStrategy’s stock price growth is basically limitless.

Keiser’s mega-bullish MSTR prediction

Max Keiser believes that many financiers who have been in the profession for many decades still fail to understand the successful strategy employed by MicroStrategy and why its stock price is skyrocketing.

He also believes that MicroStrategy’s stock “literally has no top.”

There are still people who are financiers for decades who STILL don’t understand what $MSTR is doing and that the stock LITERALLY has no top.

— Max Keiser (@maxkeiser) August 1, 2024

MicroStrategy buys more Bitcoin

On Thursday, Michael Saylor’s company announced that in June it had acquired another Bitcoin lump – 169 BTC for $11.4 million.

As of now, MicroStrategy holds a total of 226,500 Bitcoin tokens – a Bitcoin acquisition that followed the previous one made in the middle of June. In fiat, this is the equivalent of approximately $14,659,329,150 at the present exchange rate. This purchase was disclosed on July 31. The overall amount in total was bought for $8.3 billion at an average price of $36,821 per coin.

MicroStrategy (MSTR) share price dropped by 6.5% in a trading session before the company revealed its second-quarter earnings on Thursday. MSTR fell alongside a big decline in observed on both stock and cryptocurrency markets. Still, in the past year, MSTR had seen a 3x increase while the Bitcoin price surged 2x during the same period.

Company plans to raise $2 billion to get more BTC

The company reported a net loss of almost $103 million (roughly $5.74 per share) versus $22.2 million they earned a year earlier ($1.52 per share). The losses reported came while MicroStrategy took an impairment charge on its Bitcoin holdings ($180.1 million) versus $24.1 million in Q2 last year.

Earlier this year, MicroStrategy twice raised money for additional allocation to Bitcoin by offering debt to investors. In March, that was $500 million, in the summer they started with the same goal but then increased it to $700 million. According to the Chinese cryptocurrency journalist Colin Wu, the company plans to raise around $2 billion again to increase its Bitcoin bet even more.

Earlier today, Michael Saylor published a tweet, in which he showed how Bitcoin has helped it to surpass other tech companies by share price greatly.

MicroStrategy announced that it holds a total of 226,500 bitcoins, with an average purchase price of $36,821, a purchase cost of $8.3 billion, and a current value of $14.4 billion. MicroStrategy will raise another $2 billion to buy more bitcoins. https://t.co/8ZKP7UJL4b..

— Wu Blockchain (@WuBlockchain) August 2, 2024

Source