GreenPro Doubles Overnight After $100 Million Bitcoin Investment... But Here's The Real News

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by Tyler Durden
Monday, Dec 28, 2020 - 10:25 AM

Just over a month ago, when we discussed the ongoing accumulation of bitcoin by (formerly) business-intelligence company, Microstrategy, whose CEO Michael Saylor has emerged as one of the most vocal supporters of the crypto space (and with good reason - MSTR stock has exploded ever since it first started converting its cash into bitcoin), we predicted that it was only a matter of time before the very public and quite vocal purchases of bitcoin by various firms and institutions would be today's version of adding "blockchain" to every corporate name. Specifically we said that "Here comes the new "blockchain" bandwagon: Which company will convert its cash into bitcoin next?"

Two observations here: i) we were 100% correct that increasingly more companies would seek to generate a quick stock price boost by parading with bitcoin purchase announcements, in many cases not just random public companies but financial advisor and asset managers themselves transferring a portion of their fiat into bitcoin/crypto (like the venerable 169-year-old Mass Mutual which bought $100MM in bitcoin earlier this month); ii) frontrunner MicroStrategy had no intention of handing over the reins to some up and comer, and last week MSTR said it had purchased an additional approximately 29,646 bitcoins for approximately $650 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $21,925 per bitcoin, inclusive of fees and expenses, bringing its total to 70,470 bitcoins, which were acquired at an aggregate purchase price of approximately $1.125 billion as of December 21, 2020.