United States firm MicroStrategy has become the center of bettors’ fancy on the Polygon-based betting platform Polymarket. According to recent reports, bettors on Polymarket are now placing bids on the Bitcoin acquisition prowess of the United States-based company.
In a recent event, the bettors are placing bids on whether the company can hit the half a million Bitcoin holding or not before March. With MicroStrategy already establishing itself as a company with a large appetite for the leading digital asset, there has always been debates about its activities surrounding the asset. Currently, there has been speculation about how quickly the corporation with the largest cache of Bitcoin globally can hit the next milestone. The betting market concerning MicroStrategy on Polymarket has seen about $468,000 wagered on the company stashing 500,000 BTC by March.
Polymarket bettors make predictions on MicroStrategy’s Bitcoin purchase
United States users have been restricted from accessing Polymarket, but it has not stopped the belief that the company can achieve the feat at the time stated. Presently, there is a 61% chance on Polymarket that the company will hit the target before March 2025. MicroStrategy currently owns about 471,107 Bitcoin, with the total holdings valued at $49.3 billion. The stash also represents about 2.2% of the global Bitcoin in supply.
The Bitcoin supply is capped at 21 million, meaning that should MicroStrategy achieve the feat, it would push its share of the global Bitcoin supply to 2.38%. MicroStrategy is showing quite the hunger to purchase more of the asset, making strategic purchases at short intervals. Its latest purchase was about 10,107 BTC worth $1.1 billion, which the company purchased earlier in the week. If the company continues on this trajectory, then the Polymarket bettors should be cashing in their bets.
The latest purchase is coming off the Trump administration’s shift of the regulatory environment in the crypto industry in the United States amid plans to create a national Bitcoin reserve. MicroStrategy entered the Nasdaq-100, an index that represents the top 100 non-financial firms in America. The company enables inclusion in the crypto space by exposing investors to Bitcoin without purchasing the assets. Exchange-traded funds (ETFs) like Invesco QQQ are now adding the company’s stock as part of its holdings.
MicroStrategy’s growing presence in terms of crypto adoptions has drawn the attention of other firms to its unorthodox approach towards accumulating Bitcoin. Its act has also pushed other corporations into making the same move, especially as the presence of Trump, a crypto ally, is promising to provide a better environment for these assets to thrive. The company’s stock is presently trading around $334 at press time.
Michael Saylor reiterates long-term commitment to Bitcoin
MicroStrategy CEO Michael Saylor has reiterated his long-term commitment to Bitcoin, highlighting that the company now sees itself as a Bitcoin treasury. In a statement to Bloomberg, he mentioned that the company is using it to generate shareholder value. “So our primary method of generating shareholder value is through our Treasury operations,” Saylor said.
With Donald Trump, hailed as the crypto president, looking to provide a friendlier approach to the sector, Saylor mentioned that he could provide counsel to the president on the subject. I’m always willing to provide a thought on constructive digital asset policy, either in confidence or publicly,” Saylor said. He also revealed his openness towards serving on a council that could provide advice on cryptocurrencies. “And if I’m asked to serve on some sort of Digital Assets Advisory Council, I probably would,” he added.
MicroStrategy recently revealed a perpetual preferred stock offering, with the company looking to raise $2 billion to increase its Bitcoin stash. The company is looking forward to using stocks and debt securities, a move to raise capital to secure about $42 billion by 2027, as it continues its quest to grow its Bitcoin treasury. The move has been hailed by experts, with Mizuho Securities noting that MicroStrategy could use its status as an operating company to raise the money to buy more BTC.
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