MicroStrategy is far from filling up with Bitcoin (BTC), and according to its CEO Michael Saylor, the company may need to get creative to acquire more of the asset
The chief executive pledged to continue injecting excess funds into the bitcoin market in the intelligence agency’s quarterly filing yesterday. Saylor pledged to see that shareholders are well rewarded. He noted that the intelligence company will continue to invest in Bitcoin and continue to manage the asset. He explained that an investment strategy is to accumulate the leading cryptocurrency as a primary good and achieve more at the same time.
“In terms of our Bitcoin strategy, our groundbreaking decision to make Bitcoin our primary treasury reserve asset has made MicroStrategy a thought leader in the cryptocurrency market and sparked great interest in MicroStrategy as a company. ”
The same was said by Phong Le, the company’s chief financial officer, who pointed out that buying more BTC will go a long way towards increasing returns. It seems Saylor isn’t worried about Bitcoin’s short or medium term volatility as MicroStrategy aims to take an even stronger position in the market.
Saylor also assured investors that the company was looking for other ways to enable more BTC purchases. The CEO said he plans to “gradually” acquire more Bitcoin at prices that “are likely to continue to rise”.
“For the future, we continue to plan to hold our bitcoin and invest additional excess cash flows in bitcoin. Additionally, we will explore different approaches to acquiring additional bitcoin as part of our overall corporate strategy“, he said.
MicroStrategy is one of the largest institutional investors in Bitcoin and has a holding of 70,784 Bitcoins. The BTC treasure trove is valued at nearly $ 2.4 billion at current prices. The company’s finances show that much of its inventory was funded by excess cash and the remainder from the $ 650 million raised through a debt offering late last year.
Based on the company’s statement, it is still unclear what alternative approaches are available or what they will include. It is worth noting that the company’s executives suggested as early as November that the development of Bitcoin data products should continue.