The publicly traded company is currently exploring additional options that would allow it to secure more cash for buying Bitcoin. , the firm announced its decision to buy the largest cryptocurrency back in May. Back then, Selmer stated that he viewed Bitcoin as a hedge against inflation. Taking a page out of the playbook of business intelligence firm MicroStrategy resulted in a massive short-term spike in its stock. Its total Bitcoin holdings have now surpassed $1 million worth of Bitcoin.
Despite its Bitcoin pivot, the company's shares have greatly underperformed this year. They are currently down as much as 32% on the year-to-date basis. In other news, Metaplanet, a Japanese company that has also adopted a MicroStrategy-like Bitcoin strategy, recently made an appearance on CoinShares' BLOCK index.
MicroStrategy remains the overwhelming leader in corporate Bitcoin holdings, with a whopping $17.3 billion worth of Bitcoin. The Virgiania-based company does not plan to stop here, recently a plan to raise $42 billion more in the long term to expand its cryptocurrency coffers. The company's shares have surged by more than 400% over the past year.
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