![\"No](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2020\/12\/microstrategy-did-not-labor-to-convince-top-shareholders-about-bitcoin-they-were-already-sold-says-analyst-768x432.jpg\")
<\/p>\n<\/p>\n
Investment banker Ellie Frost has put out a Twitter thread showing that four of Microstrategy\u2019s top 10 shareholders had already been bullish on bitcoin before Michael Saylor company\u2019s big dive into the digital asset.<\/strong><\/p>\n According <\/a>to Frost, Microstrategy did not have much convincing to do, as top shareholders Blackrock, Russell Investments, Renaissance Tech, and Citron Fund already had documented interest in bitcoin (BTC<\/a>).<\/p>\n Saylor has stated that it only took six months to get investors\u2019 approval for moving $250 million into BTC<\/a> \u2013 a process Frost argues should take about a year, at the minimum. In her final analysis, the tech investment banker observed:<\/p>\n They were already open to it. The fast timeline implies others were also curious. They don\u2019t want to miss the boat and the fact that [bitcoin] has survived 12yrs shows it\u2019s \u2018not just a fad\u2019.<\/p>\n<\/blockquote>\n The case of the 8th largest Microstrategy shareholder Russell Investment, who has increased their position in the company by more than 70%, shows why it was not hard work to bring shareholders on board.<\/p>\n \u201cThey\u2019ve bullishly blogged on BTC<\/a> since 2018 with quotes like\u2026 \u2018While many are questioning bitcoin\u2019s foundations, perhaps even more importantly, bitcoin is questioning the foundations of the central banks,\u2019\u201d said Frost.<\/p>\n Tenth-placed Renaissance Tech has increased their shareholding by four times since June during the same period that they got internal approval to trade bitcoin futures. The period coincided with Microstrategy\u2019s public statement that it was considering alternative treasury reserve assets. Renaissance Tech gave its approval, knowing that bitcoin was on the table.<\/p>\n <\/ins> <\/ins> <\/p>\n The Citron Fund went from being publicly bearish on bitcoin for three years to calling Microstrategy \u201cthe best BTC<\/a> exposure available on the stock market today.\u201d \u201cCitron bought up shares in MSTR (Microstrategy) and released their investment thesis valuing them at $700\/share. It is ~145% increase from the current price of $286,\u201d Frost noted.<\/p>\n Blackrock\u2019s shareholding went down by 5%, but the company remains the largest overall investor with 15% of the total outstanding shares. \u201cThey\u2019re also the world\u2019s largest asset manager, managing $8 trillion. Their chief investment officer said two weeks ago \u2018BTC<\/a> is here to stay.\u2019 Their CEO went further saying that BTC<\/a> could replace gold,\u201d Frost tweeted.<\/p>\n Frost also cited the lack of other options as a third factor. \u201cMany investment funds have governing charters which don\u2019t allow investing in crypto. For others, they\u2019ve cited concern over custody\/security. Basically every fund can invest in stocks, but w\/ GBTC you pay a premium. MSTR is the best of both worlds.\u201d<\/p>\n According to Frost, if Saylor\u2019s strategy proves a success, the top investors could use it to advocate for BTC<\/a> at their other portfolio companies. Microstrategy has bought up to $475 million worth of bitcoin, or 40,824 BTC<\/a>, since August \u2013 the largest holding of any publicly-traded company. The firm is planning to spend <\/a>an additional $635 million on bitcoin.<\/p>\n What do you think about Microstrategy\u2019s top shareholders\u2019 attitude towards bitcoin? Share your thoughts in the comments section below.<\/strong><\/em><\/p>\n The post No Need to Convince Shareholders \u2013 Microstrategy\u2019s Investors Already Sold on Bitcoin, Says Analyst<\/a> appeared first on Bitcoin News<\/a>.<\/p>\n\n