Michael Saylor’s MicroStrategy to Look for More Ways to Buy Bitcoin
Upon announcing its Q4 2020 results, the large NASDAQ-listed business intelligence company MicroStrategy vowed to continue with investing excess cash in bitcoin. Furthermore, Michael Saylor’s firm plans to explore other approaches that will enable it to allocate even more funds in BTC.
MicroStrategy’s To Buy Even More BTC?
Described as the “largest independent publicly-traded business intelligence company,” MicroStrategy made history in 2020 with several massive purchases worth over $1 billion in total in bitcoin.
In its Q4 2020 results issued earlier, the NASDAQ-listed firm classified 2020 as a “transformational year” for the company. Apart from highlighting new products and substantial revenues, the post addressed the firm’s BTC initiatives. As reported recently, MicroStrategy made bitcoin its primary treasury reserve asset, and the company plans only to enhance its BTC-related endeavors:
“Regarding our bitcoin strategy, our pioneering decision to make bitcoin our primary treasury reserve asset has made MicroStrategy a thought leader in the cryptocurrency market and generated great interest in MicroStrategy as a corporation. Going forward, we continued to plan to hold our bitcoin and invest additional excess cash flows in bitcoin.”
Moreover, the business intelligence giant said that it will “explore various approaches to acquire additional bitcoin as part of our overall corporate strategy.”
Back in December, MicroStrategy issued convertible senior notes worth $650 million and allocated all funds in bitcoin.
MicroStrategy’s Shareholders Were Open-Minded On BTC
During a recent appearance on the Unchained podcast, the company’s founder and CEO, Michael Saylor, went into detail on how he and the firm decided to invest their excess cash in BTC.
He noted that the COVID-19 pandemic had made him question all of his assumptions and beliefs regarding the financial system. After discovering Bitcoin and its merits, Saylor proposed to MicroStrategy’s shareholders the idea of allocating considerable amounts into the asset.
Following an educational process, most were open-minded and went after the idea, while only a few took the option of realizing profits and exiting the company.
Separately, Saylor noted that numerous executives and high-net-worth individuals had contacted him after going public with the BTC purchases. However, he refused to mention any particular names.
The executive previously engaged in a conversation with Tesla’s Elon Musk, suggesting that the world’s richest man should convert the TSLA balance sheet from USD to BTC.
