Apple, that leviathan of the tech world, currently lording it as the fourth-largest company by market capitalization, finds itself in a rather unseemly predicament. It appears their stock buyback program, a scheme intended to placate the restless shareholders, has become something of a damp squib. Michael Saylor, a chap with a vested interest, naturally, suggests a rather novel solution: Bitcoin. One shudders to think.
“Apple should buy Bitcoin,” Saylor declared, with the sort of conviction usually reserved for pronouncements on the weather. This was, naturally, disseminated via that modern scourge, an X post. One can only imagine the clatter of keyboards and the gnashing of teeth that followed. 😠
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Apple’s buyback program, you see, is meant to reduce the number of outstanding shares and generally keep the investors from staging a full-blown revolt. This grand strategy, involving a mere \$110 billion, was unveiled in a May 2024 filing with the US Securities and Exchange Commission (SEC). One can only imagine the paperwork. 📑
Alas, despite these efforts, Apple’s stock has declined more than 17% since the start of the year. A most unfortunate state of affairs. 📉
Over the same period, Bitcoin, that digital bauble, has gained more than 17%, according to data from TradingView. Zooming out, Bitcoin has surged over 1,000% in the past five years, compared with a paltry 137% increase in Apple shares. One begins to see Mr. Saylor’s point, however distasteful. 😒
Bitcoin’s corporate adoption is growing worldwide
The clamor for Apple to embrace Bitcoin comes as more companies, presumably driven mad by ennui, add the cryptocurrency to their balance sheets. A worrying trend, indeed.
On May 28, US video game and consumer electronics retailer GameStop announced its first Bitcoin investment, acquiring 4,710 BTC for around \$513 million after the firm launched a \$1.3 billion convertible notes offering. One shudders to think what the shareholders made of that. 😨
Japanese investment company Metaplanet is spearheading Bitcoin adoption in Asia after becoming the world’s eighth-largest corporate Bitcoin holder on June 2. One can only assume they have nothing better to do with their money. 🤷
Metaplanet’s shares soared over 12% during Monday’s trading session after the company announced plans to raise \$5.4 billion worth of capital to buy more Bitcoin. The madness continues! 🤪
Over in Europe, Paris-based cryptocurrency firm The Blockchain Group announced plans to raise over \$340 million for its Bitcoin treasury, CryptoMoon reported on Monday. The announcement came a week after the firm acquired \$68 million worth of Bitcoin, pushing its total holdings to 1,471 Bitcoin, or over \$154 million. One wonders if they have considered investing in something more… tangible. 🤔
Meanwhile, spot Bitcoin exchange-traded funds have made a comeback from a two-day sell-off, recording over \$386 million worth of net positive inflows on June 9, Farside Investors data shows. The world has gone quite mad, hasn’t it? 😵💫
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2025-06-10 15:19