Saylor Says ‘Apple Should Buy Bitcoin’ as Buyback Disappoints

Apple (AAPL) faces a buyback challenge. Its massive stock buyback program disappoints some. Enter Michael Saylor. The Strategy executive chairman has a bold solution. “Apple should buy Bitcoin,” Saylor declared. He sees Bitcoin exposure as a lucrative financial opportunity. It could fix Apple’s struggling stock buyback program.

Apple’s $110B Buyback Hits a Wall

Apple, the world’s fourth-largest company, launched a significant stock buyback. The $110 billion strategy aimed to reduce outstanding shares. It sought to return value to investors. This plan was announced in a May 2024 filing with the US Securities and Exchange Commission (SEC).

However, Apple’s stock has declined. It dropped more than 17% since the start of the year. Jim Cramer publicly criticized the program. “The Apple buyback is not working right now,” Cramer stated. Bitcoin, by contrast, gained over 17% in the same period. Zooming out, Bitcoin surged over 1,000% in five years, compared with a 137% increase in Apple shares.

Bitcoin Becomes Corporate Balance Sheet Gold

Saylor’s call for Apple to adopt Bitcoin reflects a growing trend. More companies are adding Bitcoin to their balance sheets. US retailer GameStop recently announced its first Bitcoin investment. It acquired 4,710 BTC for about $513 million. This followed a $1.3 billion convertible notes offering.

In Asia, Japanese investment company Metaplanet leads Bitcoin adoption. It became the world’s eighth-largest corporate Bitcoin holder in June. Metaplanet’s shares soared over 12% after it announced plans. The company aims to raise $5.4 billion to buy more Bitcoin.

Across Europe, Paris-based Blockchain Group announced plans. It intends to raise over $340 million for its Bitcoin treasury. This came after the firm acquired $68 million worth of Bitcoin. Its total holdings reached 1,471 Bitcoin, or over $154 million.

Spot Bitcoin ETFs Signal Market Comeback

Bitcoin’s market muscle flexes anew. Spot Bitcoin exchange-traded funds staged a powerful comeback. They shrugged off a two-day sell-off. June 9 alone saw these ETFs rake in over $386 million in net positive inflows. This surge spotlights soaring investor confidence. Corporate titans embrace Bitcoin. Powerful ETF performance cements its vast potential.

At the time of writing, Bitcoin is sitting at $109,029.20.