MicroStrategy Leads the Charge
MicroStrategy (NASDAQ:MSTR) ventured into the volatile waters of Bitcoin back in August 2020. The leaps it took haven’t left any room for regret. The firm now holds a staggering 214,246 BTC, making it the largest Bitcoin holder among corporations. While some skeptics raise a brow at MicroStrategy’s unconventional stash, others admire its boldness.
In piggybacking on the cyclical pattern of Bitcoin’s bullish tendencies post-halving, Benchmark’s Mark Palmer recommended MicroStrategy shares. He believed the company was poised to ride the wave of surging institutional demand for Bitcoin. Back in February, Palmer slapped a price target of $990 on MSTR stock. Today, a single share can be acquired for under $1600, far off from the target price.
Palmer’s optimism stemmed from a projection he made indicating that Bitcoin might climb to $125,000 by the close of 2025. Given this landscape, MicroStrategy seems to offer investors a juicy piece of cake in the impending Bitcoin halving.
BlackRock’s Cryptocurrency Pivot
BlackRock (NYSE:BLK) made a U-turn from its disapproving stance towards Bitcoin, with CEO Larry Fink having famously dismissed the cryptocurrency as a vehicle for illegal activities. The reversal of opinions at BlackRock can be attributed to the surging requests for Bitcoin exposure from its clientele.
In a strategic move, BlackRock launched a spot Bitcoin private trust for its U.S. institutional clients. The company, managing a colossal $10 trillion in assets, acknowledged the undying interest from some of its institutional clients, even during the throes of the crypto winter. The tie-up with Coinbase Prime further fortified its commitment to offering direct access to Bitcoin to its investors.
This demand for Bitcoin exposure is like a crescendo in a symphony, with BlackRock’s Head of Digital Assets, Robert Mitchnick, alluding to Bitcoin as the center stage that has captivated the attention of many crypto-curious clients.
Founders Fund Ventures into the Unknown
Unveiling Founders Fund’s Strategic Investment in Bitcoin and Ethereum
The $200 million Allocated to Bitcoin and Ethereum
In a staggering move unveiled by Reuters back in February, Peter Thiel’s venture capital firm, Founders Fund, strategically allocated $200 million split between Bitcoin and Ethereum in 2023. This bold initiative saw Founders Fund investing half on each coin “from late summer to early fall last year.”
The Rapid Upsurge of Bitcoin
During the time of investment, Bitcoin was trading below $30,000. Since then, the cryptocurrency has experienced a meteoric rise, surpassing all expectations and reaching an unprecedented peak of nearly $74,000 in March.
The Promising Trajectory of Bitcoin
Despite its remarkable growth, the ascent of Bitcoin is far from over. With the continued heat surrounding Bitcoin ETFs and the impending halving event drawing near, BTC stands on the brink of an even more powerful resurgence.
Founders Fund’s Early Involvement in Bitcoin
Reuters highlights that Founders Fund is not a newcomer to the crypto scene. The VC firm first dabbled in Bitcoin investments as far back as 2014. Their savvy move saw them rake in profits amounting to a staggering $1.8 billion before shrewdly exiting prior to the dramatic collapse of the crypto market in 2022.
