MicroStrategy to Continue Buying Bitcoin, Michael Saylor Says
In an investor letter released Thursday, MicroStrategy CEO Michael Saylor declared his multibillion-dollar move into Bitcoin “a tremendous success” in driving shareholder value. The CEO referred to his company as Wall Street’s biggest balance-sheet bitcoin bull.
Saylor calls his almost two-year-old strategy strategy “complementary” to the company’s decades-old analytics business. He said:
“Adopting bitcoin as our primary treasury reserve asset set us apart from conventional competitors and elevated our brand.
We will continue to vigorously pursue both strategies.”
Saylor has become increasingly creative in acquiring more of the top cryptocurrency. Starting with allocating excess cash, his firm has turned to convertible note offerings and crypto-backed loans, to stack up on Bitcoin.
MicroStrategy currently holds 129,218 BTC which it acquired for an average of $30,700 per coin for a total amount of $3.97 billion spent.
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Source: igaming
