Michael Saylor, a bitcoin bull, announced his desire to continue the bitcoin strategy in a letter to Microstrategy investors.
Micheal Saylor, the company’s CEO, reiterated his commitment to maintaining the company’s years-long bitcoin purchasing binge in a letter to investors on Thursday. The report aims to lay the groundwork for the company’s 2022 Annual Meeting of Stockholders, which is slated for May 22nd.
Additionally, the CEO pledged that MicroStrategy, the publicly listed business with the largest bitcoin holdings, will continue to acquire additional bitcoin and expand its client base for its software intelligence services.
Saylor described the company’s bitcoin strategy in the letter as “complementary to our analytics software and services business,” implying that it would help the corporate client base expand. Along with bolstering its commercial strategy in pursuit of the goal of Intelligence Everywhere, the corporation lauded its parallel strategy of acquiring and holding bitcoin.
Since 2011, Saylor’s approach to obtaining BTC has evolved to include the use of revenues from loan and equity deals. The business intelligence firm started amassing Bitcoin in August 2020, using extra cash flow generated by activities.
Later, the corporation increased its rate of accumulation by purchasing more bitcoins for its treasury via convertible note offers, stock offerings, and crypto-collateralized loans.
Additionally, Saylor defined his organization as one in which “innovation is ingrained in our corporate DNA.” He observed that MicroStrategy pioneered data mining tools in the 1980s, was a pioneer of the online revolution in the 1990s and advocated for mobile and cloud-based analytics in the 2000s.
MicroStrategy and its subsidiaries presently own 129,218 bitcoins on their financial sheet, for a total cost of $3.97 billion, or $30,700 per coin.
Last Thursday, during a panel discussion with Ark Invest CEO Cathie Wood at the Miami 2022 Bitcoin conference, Saylor said that he was “more positive than ever on Bitcoin” and agreed with Wood’s estimate that BTC might reach $1 million per coin by 2030.