MicroStrategy's $42 billion Bitcoin purchase strategy triggers copycats

Odaily Odaily News MicroStrategy has accumulated 423,600 bitcoins through convertible bonds and stock financing, worth approximately US$42 billion, accounting for 2% of the total supply of Bitcoin. Since the launch of the Bitcoin purchase strategy in August 2020, MicroStrategy's stock price has risen 30 times, attracting other companies to follow suit. Imitators include Bitcoin mining companies Marathon Digital, Riot Platforms, Core Scientific, Terawulf and Bitdeer, which purchased Bitcoin through similar convertible bond financing. In addition, Coinbase, as a custodian, holds more than 11% of the total supply of Bitcoin, including Bitcoin held by MicroStrategy. Tesla and Hong Kong game company Boyaa have also participated in the wave of hoarding coins. Tesla holds US$1.5 billion in Bitcoin and Boyaa holds 3,183 Bitcoins worth US$310 million. (DL News)