Joe Weisenthal Mocks MicroStrategy's Bitcoin Gains

The co-host of Bloomberg's "Odd Lots" podcast has mocked the company's Bitcoin gains in his recent social media post.

The co-host of Bloomberg's "Odd Lots" podcast, Joe Weisenthal, has mocked Strategy's (NASDAQ: MSTR) Bitcoin gains in his recent social media post.

"Imagine investing in Bitcoin for years and years and you're only up like 30%?" Weisenthal said.

After its most recent $11 million Bitcoin purchase, the company's total holdings have approached the 500,000 BTC mark. Its average purchasing price has increased to $62,000.

The comment has riled up some members of the Bitcoin community. Some have pointed to the fact that the company's stock is up by nearly 2,200% since former CEO Michael Saylor adopted the trailblazing Bitcoin strategy.

Saylor's own Bitcoin holdings also have much more impressive gains. Back in 2020, he disclosed that he had purchased close to 18,000 BTC at $9,882 each.

Angel investor Jason Calacanis, who is known as an ardent critic of Strategy, has opined that the company's average price will eventually meet the company's current price if Strategy continues to buy Bitcoin. The prominent entrepreneur recently argued that MicroStrategy could potentially break the leading cryptocurrency by increasing its centralization.

"Given what I’ve seen Michael say, my guess is he would never sell his personal holdings - but that is just a guess. I would take this massive conflict into account when you evaluate the MSTR stock," Calacanis added.

Earlier today, the company announced its intention to fund more Bitcoin purchases by issuing 5 million shares of a perpetual preferred stock.

The shares of Strategy (NASDAQ:MSTR) are down by more than 3.5% this Thursday. They are down 5.27% on the year-to-date basis.