MicroStrategy will buy more bitcoin, according to the company’s CEO
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Answer MicroStrategy will buy more bitcoin, according to the company’s CEO
In a letter to MicroStrategy shareholders last Thursday, the company’s CEO Michael Saylor confirmed the continuation of the years-long bitcoin purchases.
The letter aims to lay the groundwork for the annual shareholder meeting scheduled for May 22, 2022.
The CEO also promised that MicroStrategy, the publicly traded company with the largest number of bitcoins, will continue to buy more bitcoin and provide business intelligence and software services to a broader customer base.
Saylor sticks to his Bitcoin strategy:
in the speechSaylor explained the company’s bitcoin strategy as a complement to its analytics software and services business, a method that would fuel the growth of the organization’s customer base.Read:Mercedes-Benz is using blockchain technology in several innovative products
In addition to advancing its business strategy to pursue the “Intelligence Everywhere” vision, the company considered its parallel strategy to acquire and hold bitcoin a great success.
Saylor’s bitcoin acquisition strategy has diversified using proceeds from debt and equity transactions since 2011.
The business intelligence firm started accumulating bitcoin back in August of 2020 with increased cash flow from operations.
Subsequently, the company ramped up the accrual pace by using offers of convertible notes, offers of stock and loans secured in cryptocurrencies to buy more bitcoins for its treasury.
Saylor also described his company as carrying innovation in its DNA.
He noted that MicroStrategy pioneered data mining software in the 1980s, was early in the web revolution in the 1990s, and embraced mobile analytics as well as cloud-based analytics in the 2000s.
129,218 Bitcoins on MicroStrategy’s balance sheet:
MicroStrategy, along with its subsidiaries, holds 129,218 bitcoins on its balance sheet, with a total purchase cost of $3.97 billion at an average of $30,700 per coin.
In an interview at the Miami 2022 conference with Ark Invest CEO Cathy Wood last Thursday, Saylor said:Read:Prime XBT leveraged trading platform announces free coin distribution campaign
I am more optimistic than ever about Bitcoin.
He agreed with Wood’s prediction that bitcoin could reach $1 million per coin by 2030.
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