MicroStrategy Executive Chairman Michael Saylor (Jason Koerner/Getty Images)

USD-BTC

MicroStrategy owns more bitcoin than the US government

Shares in the bitcoin-buying company have soared this year, outpacing the cryptocurrency itself.

11/27/24 9:51AM

MicroStrategy, the Nasdaq-listed business-intelligence firm, has stolen some of the limelight on Wall Street this year — not because of booming demand for its software products, but for its ravenous appetite for bitcoin. The company has hoarded an eye-popping 386,700 bitcoins (now worth ~$37 billion) to date, with another $5.4 billion purchase of 55,500 bitcoins, per Monday’s SEC filings. That’s nearly 5x the amount of bitcoin reportedly owned by Tesla.

With founder Michael Saylor — an advocate for crypto and, unsurprisingly, “volatility” — at its helm, MicroStrategy has focused its efforts on one thing: buying more bitcoin, even as the 2022 crypto crash led to consecutive net losses.

MicroStrategy’s bitcoin holdings more than doubled this year, up more than 1,700% since its first purchase in August 2020, making it the world’s largest publicly traded corporate holder of the cryptocurrency. Shares have surged more than 400% year to date thanks in part to the buying spree, sending the bitcoin-laden firm even higher than the coveted cryptocurrency itself.

Indeed, according to data from BitcoinTreasuries.net, MicroStrategy holds more bitcoin than the governments of the world’s largest economies. The US and China own around 208,000 and 190,000 coins respectively (though they might own more in hidden wallets) — a haul mainly built up through asset seizures. Combined, that’s about 398,000 bitcoins, which MicroStrategy’s stash (already at 386,700) could easily overtake with just one more major purchase.

In its latest earnings call, the company unveiled its not-so-micro plan to raise as much as $42 billion through equity and bonds with one goal in mind: buying more bitcoin. The bigger question, though, is if MicroStrategy is basically just a bitcoin-buying vehicle, why is the company’s market cap (~$75 billion) so much more than the bitcoin (~$37 billion) it holds? Jack Raines explored the phenomenon.

Sage D. Young3h

Solana falls to a more than 3-month low

The price of solana has been struggling, dipping below $76 briefly on Tuesday, a level not seen since February.

Despite the underlying asset suffering, solana ETFs saw $115 million of inflows in May, the highest monthly figure in 2026, data from SoSoValue shows. The investment vehicles have brought in a total of $1.1 billion since their inception last year and have yet to record a monthly outflow.

However, positive ETF flows haven’t swayed traders, who are increasingly negative: prediction market-implied odds of solana dropping under $60 in the year stand at 60%, an increase from 45% three weeks ago.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

"ETF flows for Solana have been positive but relatively small, so they currently only have a marginal effect on the overall price discovery for SOL," according to Carlos Guzman, research analyst at crypto trading firm GSR.

"Solana has been caught up in the broader crypto market weakness, where, outside of a few sectors that have attracted interest of late, including perpetual exchanges, privacy, and AI, most crypto token performance has been sluggish," Guzman told Sherwood News. "The meme coin narrative that drove interest in SOL in late 2024 and early 2025 has largely subsided, so the token has found itself outside of the current zeitgeist."

Meanwhile, former presidential candidate Andrew Yang’s Noble Mobile announced on Tuesday that it acquired Helium Mobile, a wireless carrier that runs on the solana blockchain. The two companies both declined to disclose the deal’s financial details, according to a report from Fortune.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

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A Bitcoin symbol displayed outside a Bitcoin ATM, on November 20, 2024 in Krakow, Poland.

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Ethereum developer unlocks $2 million of trapped tokens from 2016 ICO contract

Initial coin offerings (ICOs) have been a way for people in the crypto space to fundraise capital that involved users sending ethereum to a smart contract with the expectation of receiving a project’s tokens.

Despite the popularity of ICOs, a number of projects failed, were unable to meet fundraising goals, and then, for one reason or another, were unable to return investors’ capital. One such example was HongCoin, which aimed to be a decentralized venture fund across borders.

On Sunday morning, blockchain sleuth 0xFlorent announced unlocking 1,003.62 ethereum tokens, worth $2 million, in HongCoin’s 2016 smart contract, enabling the 48 initial investors to claim funds that have been trapped for nine years. Of the investors, two have so far claimed a combined 96.5 ethereum.

The contract held all of the investors’ ethereum and was meant to auto-refund the cryptocurrencies, but “a bug in the refund function quietly broke that, and the funds got stuck,” 0xFlorent said in an X thread.

The HongCoin recovery was the second one the ethereum developer has disclosed in the past eight days. Last Sunday, 0xFlorent said they unlocked over 19.3 ETH, worth $40,590, that were stuck in two old contracts.

As to whether 0xFlorent will unlock more tokens stuck in ICO contracts, the security researcher doesn’t know. “It’s not my main activity and I did it because I found a way to help people. That’s it," 0xFlorent told Sherwood News.

MicroStrategy owns more bitcoin than the US government

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