And so the next decade we think is auspicious. We can go to the next slide. The halving just took place in a week ago, a couple of weeks ago and April 19, I guess, specifically. And when you consider the impact of the halving, it’s pretty profound. First of all, it reminds us that Bitcoin is a scarcity and not a digital commodity-only, because Bitcoin supply is asymptotically approaching $21 million. As of now, Bitcoin has the highest stock flow ratio in the world, so it is the hardest investment asset in the world and the most scarce or certain. In the first quarter, about 2,600 Bitcoin a day were acquired by the Spot ETFs that were launched. And during that time frame, we had about 900, bitcoin per day sold by miners. But then following the halving on the 19 April, we moved to 450 Bitcoin a day from available from natural sellers, the miners.
This is pretty critical. And you can see there is an imbalance between organic demand and organic supply, I don’t think, that the halving is priced in. I don’t think that the market fully appreciates just how profound this is. But this the chart on the right gives you a way to think of it, which is if a large investor, a sovereign wealth fund or a mega institutional investor decided that they wanted to buy 450 Bitcoin per day, and they were going to buy it at the market price of Bitcoin every day for the next four years. Assuming the price of Bitcoin stayed constant at 60,000, they would have to invest $39.4 billion of capital. But if Bitcoin’s price moved up at a 100,000, it’s a $65 billion commitment at a 150,000, it’s a $98 billion commitment.
And if the average price of Bitcoin in that time frame is 250,000, that’s the same as a $164 billion of capital being put into this network. So the network was chopping along at 900 BTC a day, before the halving. But after the halving, you just have a very reflexive protocol change that is going to remove 450 Bitcoin a day for sale at any price for the next four years. And, of course, there’ll be another halving four years from now. They’ll remove another 225 Bitcoin a day from the supply, and there will be another halving four years after that to move another 112 Bitcoin per day out of the supply. This is unique to Bitcoin. You won’t see it in any other commodity in the world. You’re not going to see it in any analog commodity because it’s impossible.
But you won’t see it in any other digital commodity in the world because Bitcoin is the winner. Bitcoin is going to be, in all likelihood, the only digital commodity that is made institutional grade by a Spot ETF in the American Capital Markets. So this is a profound insight, and we view this as being very bullish for the asset class. We can go to the next slide. MicroStrategy’s approach is the same as it has been. But I think we’re getting a little bit better at it, and I think we’re starting to understand our unique advantages, as time goes on. We are a Bitcoin development company in the same way that you might have a real estate development company. If you are able to create or create a company and then take it public and then issue securities in that capital markets in order to buy and develop commercial real estate, you would have an advantage over private companies, doing the same thing, because public companies always have an advantage in financing.
You would have the option to raise financing, not just from banks, but also from the public capital markets. So we are a public company and an operating company, and that gives us a flexible, you know, control or active control over our capital structure. And the second thing that we have is the ability to innovate with, with software development. And we’ll be showing some innovations at our conference this week that we’re very excited about. We’re also unique because we can generate cash from operations. And, as Phong and Andrew pointed out, we’ve been able to invest $825,000 in cash, to-date in order to acquire Bitcoin. And we’re able to leverage the capital markets. And I think we take a very balanced view toward capital markets. When we think it’s appropriate for us to issue equity or raise permanent equity capital via shelf registration, we do that.
And we’ve done that, to raise $3.2 billion in equity capital. And when we think the markets are more supportive of us, issuing debt or especially convertible debt, then we do that. As Andrew pointed out, this strategy was very accretive in Q1 and the effective difference between, the accretion of Bitcoin and the dilution of our share count was more than 8%. So if we’re able to generate an 8% yield in a single quarter, then we believe that’s going to support a premium to our underlying net asset value going forward. And it’s going to allow us to find more accretive capital markets opportunities in the future that we will avail ourselves of to the benefit of our shareholders. And so in summary, Bitcoin’s crossed the chasm to institutional adoption.
Bitcoin is unique and is being uniquely recognized as the one institutional Crypto asset. And MicroStrategy has now developed a very balanced strategy of acquiring Bitcoin with cash flows with equity, with debt. And we’re providing a useful set of public securities, both equity as well as options, as well as debt instruments that institutional investors can use in order to tailor their portfolio as they invest, whether it’s long or short or hedged in the macro economy and the Crypto economy doing it on exchanges and in a way that’s compliant with all of their operating charters. And that, in a nutshell, I think, explains the MicroStrategy value proposition and our opportunity going forward. And with that, I’ll go ahead and pass the floor back to Shirish.
Operator:
A – Shirish Jajodia: Thank you, Michael. Now we will begin our Q&A’s and the first question is for Phong. Can you elaborate on the company’s new positioning as the Bitcoin development company? And are there any new developments that you would like to highlight?
