Coinspeaker
Will Michael Dell Buy $1.2 Billion of Bitcoins after Recent Stock Sale?
Founder and CEO of Dell Technologies Michael Dell recently sold off a total of 10 million shares in the company marking his second big sell-off in the month of September. The US SEC filing on September 20 showed that Michael Dell liquidated $1.2 billion of Dell Technologies stock and still holds over 16.91 million shares worth more than $2 billion.
Amid his pro-crypto stand in recent times, the crypto community remains curious as to whether the Dell founder will move some of this liquidation to BTC. However, there’s no clarity as to why did Michael Dell sell this huge quantity.
Earlier this year in June, Michael Dell tweeted “Scarcity creates value”, a phrase often associated with Bitcoin due to its limited supply of $21 million tokens and the rising demand. Bitcoin advocate Micahel Saylor was quick to respond to him back that Bitcoin is Digital Scarcity. He later posted an AI-generated image of the Cookie Monster from Sesame Street enjoying Bitcoin-themed cookies
However, there’s been no major move from the Dell founder following this exchange of tweets so far. There’s no doubt that a number of global leaders are looking at Bitcoin as a hedge against the current economic uncertainties.
Furthermore, institutional inflows into spot Bitcoin ETFs have also surged following the Fed rate cuts in mid-September. Top tech mavericks like Mark Cuban, Elon Musk, etc. are investors in cryptocurrencies. Thus, if Michael Dell joins the bandwagon, it would provide a much-needed boost for Bitcoin and the entire crypto market.
Will Dell Technologies Add Bitcoins to Its Balance Sheet?
Companies across the world have started adopting MicroStrategy’s playbook of holding Bitcoin on its balance sheet. Elon Musk’s Tesla was also among the early investors in Bitcoin back in 2021. It will be interesting to see whether Dell Technologies adopts a similar playbook. On the other hand, public-listed firms across the world continue to buy more Bitcoins. Japan’s Metaplanet announced the purchase of 107 Bitcoin earlier today as it prepares for the ‘Uptober’ rally.
During the second quarter, the company reported a 9% revenue surge, with its servers and networking revenue surging by 80% from a year before. Dell Technologies’ stock has surged 58.5% this year, as reported by Google Finance. On September 24, the company rejoined the S&P 500, which tracks the 500 largest publicly traded companies in the US.
The tech giant is benefiting from growing interest in artificial intelligence (AI) firms, driven by rising demand for servers capable of handling AI application workloads.
Will Michael Dell Buy $1.2 Billion of Bitcoins after Recent Stock Sale?
