Apple Should Buy Bitcoin, Says Michael Saylor Amid Criticism of Buyback Program
The world’s fourth-largest company by market capitalization, Apple, should consider buying Bitcoin to address the perceived underperformance of its stock buyback program, according to Michael Saylor, founder, CEO, and Executive Chairman of MicroStrategy.
“Apple should buy Bitcoin,” Saylor stated in a comment posted on the X platform on June 10.
Saylor’s suggestion directly responded to financial guru Jim Cramer’s criticism of Apple’s ongoing buyback initiative on the same day.
“The Apple buyback is not working right now,” Cramer wrote on X.
“The company can leave it to earn a lot or it can take some and integrate. It is not a badge of dishonor. It just isn’t,” he added.
Performance Comparison
Apple’s buyback program aims to reduce the number of outstanding shares and return capital to shareholders, forming part of a $110 billion strategy announced before the market in a May 2024 filing with the U.S. Securities and Exchange Commission (SEC).
However, Apple’s stock has experienced a decline of more than 17% since the start of the year.
Conversely, during this period and looking back five years, data from TradingView shows Bitcoin gained over 17%, while Apple’s stock increased by only 137%. Over the five-year period, Bitcoin’s overall surge has been significantly higher, exceeding an 1,000% increase.
Growing Corporate Adoption
Saylor’s call gains traction as Bitcoin corporate adoption continues its worldwide expansion.
Recent highlights include:
• US retailer GameStop, on May 28, announced acquiring its first Bitcoin holdings (4,710 BTC for roughly $513 million) after launching a convertible notes offering.
• Metaplanet, a Japanese investment company, has become a major force in Asian Bitcoin adoption, achieving the position of the world’s eighth-largest corporate Bitcoin holder on June 2. This announcement notably drove its share price up over 12%. The company plans to raise capital valued at ~$5.4 billion specifically to acquire more Bitcoin.
• European firm The Blockchain Group revealed plans on June 3 (met Monday’s trading session) to raise over $340 million specifically for its Bitcoin treasury. One week prior, the firm had acquired $68 million worth of Bitcoin, bringing its total holdings to 1,471 BTC (~$154 million).
• Spot Bitcoin ETFs saw a significant rebound from a two-day sell-off on June 9, with Farside Investors data indicating over $386 million in net inflows.
