When it comes to bitcoin, MicroStrategy is looking for more. This comes after buying over 20,000 BTC in the first quarter of the year, at an average cost of roughly $52K (for a total cost exceeding $1B). Now, the business intelligence firm led by Bitcoin advocate Michael Saylor is adding to their position.
The Macro MicroStrategy Saylor shared on Twitter today that the company purchased an additional 271 BTC, at a cost of $55,387 per coin. He also noted that as of today, the company holds over 90K BTC in total with an average of just over $24K per coin. Also included in the Twitter post is the company 8-K referencing the purchase.
In a Q1 release, the company stated that “first-quarter results were a clear example of our two-pronged corporate strategy, to grow our enterprise analytics software business and acquire and hold bitcoin which is generating substantial shareholder value”. The company’s latest bitcoin purchase seems to reaffirm that position from just a couple months ago.
The news comes on the heels of Tesla CEO Elon Musk suspending payments in bitcoin for vehicle purchases, citing environmental concerns.
Related Reading | $425Bn Wiped Off Crypto Market As Musk Says Bitcoin Is Bad For the Environment
Who’s Who MicroStrategy ($MSTR) is the largest independent publicly-traded business intelligence company in the US, with a product used by a number of different Fortune 500 firms. The recent 8-K, and previous bitcoin purchases, aren’t the first time MicroStrategy has ingrained crypto into the business. Just last month, the firm released an 8-K disclosing it’s decision to pay their board of directors in Bitcoin.
Saylor has been an outspoken crypto advocate, and last year led MicroStrategy to be the first publicly-traded company to modify corporate strategy in adopting bitcoin. Only 32 publicly traded companies, of 40,000 on the market, have bitcoin on their balance sheet. MicroStrategy is the largest publicly-traded corporate BTC holder to date. The firm’s..
Do you know the Canada Revenue Agency (CRA) can levy tax on all the wealth you accumulated from Bitcoin and other cryptocurrencies? Even though crypto is unregulated, it becomes taxable when you convert digital gold into fiat currency. Let me explain how. Many people mine or buy BTC as an alternative investment. They hold BTC hoping to sell it when its price rises. The profit or loss they make from the difference come under the CRA tax purview.
How the CRA can tax your Bitcoin gains Assuming you make a profit on Bitcoin, you can either use it to buy another cryptocurrency like Ethereum or encash it in fiat currency. In both cases, you have to report the income to the CRA.
In the first case where you exchange BTC for Ethereum, you can calculate the value of BTC in Canadian dollars on the transaction date and subtract it with the cost at which you bought Ethereum. To arrive at the BTC value, you can look at the exchange rate from a crypto exchange. But ensure you use the rate of the s..
The TSX is likely to continue its mild bull run after posting a record high on May 7, 2021. Despite 10 consecutive weeks of gains, investors can still find bargain deals in the stock market.
The bright spot in the cannabis space Village Farms International (TSX:VFF)(NASDAQ:VFF) should be on fire soon, notwithstanding the 37.8% drop in value from mid-March 2021. However, the current share price of $13.49 is 193.9% more than the $4.59 a year ago. Market analysts are bullish and see a potential upside of 92.7% to $26.
The cannabis space remains volatile, although the $1.07 billion greenhouse produce grower has massive growth potentials ahead. Village Farms is one of the select few in the sector that’s making profits and generating cash flows. Cannabis production isn’t the core business, so if the venture goes haywire, the company has a fallback in cucumbers, peppers, and tomatoes.
Village Farms is one of North America’s largest and longest-operating vertically integrated greenhouse gro..
The year 2021 could be record setting for Canada’s primary stock market index. With the vaccination campaign’s acceleration in February 2021, 24 portfolio managers and strategists in a Reuters poll forecasted the TSX to rise to 19,650 by year-end. The group’s forecast seems accurate, because the index is off by only 177.30 points on May 7, 2021.
Now is an excellent time to go dividend investing, because the TSX is likely to gain more ground over time. If I were to take advantage of the opportunity, I would pick three outstanding dividend payers.
Dividend-growth stock Emera (TSX:EMA) is a shoo-in on my shopping list. The business model of this $14.21 billion diversified energy and services company is low risk and recession resistant. It generates, transmits, and distributes electricity and gas and provides other utility energy services in Canada, the U.S., and four Caribbean countries. The client base or end-users are residential, commercial, and industrial customers.
Emera’s assets ..
Concerned about the market correction on the horizon? You’re not alone. Valuations continue to remain elevated in this ultra-low interest rate world. Additionally, risk-off sentiment appears to be taking hold today.
For those looking to add some defensiveness to their portfolios, here are three great top picks to consider right now.
Barrick Gold Gold is an asset class that hasn’t really done much of late. However, it appears gold prices are finally inching higher in recent weeks amid the aforementioned bearish sentiment in the markets.
Indeed, for long-term investors seeking a portfolio hedge, gold is a great idea. Gold miners like Barrick Gold (TSX:ABX)(NYSE:GOLD) provide even more upside to the price of gold. For gold bugs, this is a great thing.
As a $47 billion gold giant, Barrick currently trades at a nice discount to its 52-week high. Bullish Wall Street expectations for Barrick combined with impressive earnings growth make for a nice setup for long-term appreciation from the..
In a surprise development, Tesla CEO Elon Musk announced that the company was no longer accepting Bitcoin payments. The reason is that Bitcoin mining and transactions are not currently environmentally friendly. This news triggered the Bitcoin price to fall to below US$50,000.
However, Musk noted that Tesla would be keeping the Bitcoin that’s on its balance sheet and suggested that Tesla intends to use Bitcoin for transactions as soon as mining transitions to more sustainable energy. He also said that Tesla could accept other cryptocurrencies as payment if they’re much less energy intensive.
The news triggered a selloff of about 10% in other cryptocurrencies such as Ethereum and Dogecoin as well.
Cryptocurrencies are known to be risky and highly volatile investments. Investors looking to get exposure to cryptocurrencies might consider investing in the following alternatives.
Buy the first crypto industry ETF Amid all this volatility, Bitwise just launched the first crypto industry e..
While the rest of the world continues to buy up cryptocurrency, other investors may be looking for crypto-related stocks. That includes Canadian tech stock BlackBerry (TSX:BB)(NYSE:BB). If you’ve been living under a rock, you may not have heard that this company has moved away from smartphones and towards cybersecurity. But is BlackBerry stock a good buy today?
Let’s dig in and see.
Tech stocks take a dive BlackBerry stock has had a very interest past few months. Tech stocks in general soared during the pandemic. Almost every stock in the sector became a growth stock. That included BlackBerry, but those numbers exploded in the beginning of the year.
This came with news from a variety of sources. First, the company partnered with Amazon Web Services to improve its IVY platform. This would help improve the cloud-connected software in vehicles. Then, the company settled a patent dispute. And finally, the Canadian government stated it would be using its cybersecurity services. All this ..
If you haven’t depleted your Tax-Free Savings Account (TFSA) contribution room this year, this may be the best time. The stock market has corrected in recent weeks, as high-flying tech stocks experience a pullback. Some growth stocks are starting to look attractive again.
Here are the top two TFSA stocks you should consider throughout this month.
TFSA stock #1 Topicus.com (TSXV:TOI) is the ideal TFSA stock for this year. Recently listed and still under the radar, I wouldn’t be surprised if this company eventually graduates from the Toronto Venture Exchange to the main board relatively shortly.
Topicus is a spin-off from enterprise software giant Constellation Software. Like its parent company, Topicus focuses on acquiring software businesses in niche corporate verticals to expand cash flow over time. Unlike its parent, this team is exclusively focused on Europe.
European software companies tend to have lower valuations. Topicus has a better opportunity to snap up bargain deals ..
Despite soaring to nearly $1,600 per share after reporting earnings, Shopify (TSX:SHOP)(NYSE:SHOP) has since traded below the $1,300 level. Accordingly, growth investors may wonder if something is going wrong with this stock right now.
However, one must consider that the entire tech sector has sold off quite dramatically in recent weeks. It appears risk-off sentiment is taking hold, as investors rotate away from growth into value stocks.
Inflation concerns have bid up bond yields. Accordingly, growth stocks are taking a breather right now.
However, I think this might provide the perfect situation for long-term growth investors to consider such stocks. Shopify’s value post-earnings was certainly justified. At its current level, this stock looks cheap.
Here’s more on why I think this is the case.
Promising e-commerce outlook It’s an overly simplistic statement to say that the “e-commerce outlook is promising.” But it is.
And this is the key reason investors own Shopify. Indeed, Sho..
Amid the concerns over rising inflation, the global equity markets are under pressure over the last few days. So, given the uncertain environment, investors should look to strengthen their portfolios by adding high-quality dividend stocks. Along with delivering steady passive income, these stocks provide stability to your portfolio, as they are less volatile than non-dividend-paying stocks. Meanwhile, here are four Canadian stocks with dividend yields above 5%.
Enbridge Given its strong track record of paying dividends consistently for the last 66 years, Enbridge (TSX:ENB)(NYSE:ENB) would be my first pick. The midstream energy company has also raised its dividends for the past 26 straight years at a CAGR of over 10%. Its diverse revenue streams, contractual framework, and solid underlying business generate steady cash flows, allowing the company to raise its dividends consistently. The company has declared a $3.34-per-share dividend for this year, representing a forward dividend yield..