- Michael Saylor, the CEO of Microstrategy, said that his goal is to accumulate as much Bitcoin as they could.
- “Bitcoin is 145% up since August 2020, three years ago when we started on the strategy,” says Saylor.
- According to Microstrategy’s Q2 report, the company has showcased a better performance compared to that of last year.
In an interview with Bloomberg, Michael Saylor, the CEO of Microstrategy, said that his goal is to accumulate as much Bitcoin as they could on behalf of their shareholders. “We try to make sure that everything we do is always creative. We will acquire as much Bitcoin as we can, as long as market conditions allow us to do it in a creative way for our shareholders.”
MicroStrategy Chairman Michael Saylor says he wants to buy as much Bitcoin as possible.The company already acquired $347 million in Bitcoin, the largest purchase by the most prominent publicly-traded advocate of the cryptocurrency https://t.co/5fgNFQXwO1 pic.twitter.com/cQ55DTzXJa— Bloomberg Crypto (@crypto) August 2, 2023
When asked about the earnings report that came out yesterday, Saylor said that their primary use of proceeds was to generally acquire Bitcoin. “Bitcoin is 145% up since August 2020, three years ago when we started on the strategy. And we’ve pursued a strategy of levered Bitcoin investments.” He continued that the combination of leverage and offering shareholders a yield has allowed them to generate a 254% increase in performance.
The CEO also mentioned that even if regulators approve the first US exchange-traded fund to directly hold the cryptocurrency, investors would continue to perceive his company as a Bitcoin proxy. Moreover, Saylor added that a spot ETF would help Bitcoin-related companies by bringing in billions in additional investments from big hedge funds.
Just yesterday, Microstrategy released its Q2 report. According to the report, the firm has a net income of $22.2 million in the second quarter. This income registers a marked increase from the previous year’s loss.
In the first quarter of this year, Microstrategy acquired 12,800 Bitcoins for a total amount of $361.4 million. The firm then added 12,333 Bitcoins to its account in the second quarter. Speaking about the report, the company’s Chief Financial Officer Andrew Kang, stated that they efficiently raised capital through their at-the-market equity program and used the cash from the operations to continue to increase Bitcoins in their balance sheet.
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