Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
The company has used capital markets to continually raise money for additional bitcoin buys, while Grayscale has seen a large exit of tokens since the U.S. spot ETFs were introduced in January.
The company held a total of 252,220 bitcoins, or 1.2% of the total supply which is capped at 21 million, per itson Sept. 20. Grayscale, which held upwards of 620,000 in its Bitcoin Trust prior to the launch of the U.S. spot ETFs in January,Recent capital raises, though, have left MicroStrategy with more than $1 billion which the company has yet to put to work .
This would also make MicroStrategy the fifth largest holder of the cryptocurrency, trailing only BlackRock, Binance, Satoshi Nakamoto and Coinbase. An important distinction, of course, is that BlackRock, Binance and Coinbase hold bitcoins for clients, not for their own account. Under the leadership of then CEO and now Executive Chairman Michael Saylor, MicroStrategy started purchasing bitcoin with cash from its balance sheet in August 2020. Since, it has aggressively used the capital markets to raise billions with which to continually add to holdings. The company's average purchase price is just over $39,000 versus bitcoin's current price of around $64,000. The stack today is worth about $16 billion.
As for Grayscale, which pioneered public access to bitcoin via funds, it chose to keep the fee for its GBTC at a relatively high 1.50% – more than 100 basis points above all competitors – following the conversion to a spot ETF. The result has been a fast bleed in its assets. The Bitcoin Mini Trust, which carries a far more competitive 0.
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