Michael Saylor called Microstrategy’s BTC play a huge success and said he plans on buying even more as he is already two years into the multibillion-dollar experiment with BTC so let’s read more today in our latest Bitcoin news today.
According to the new investor letter, his experiment is paying off. MicroStrategy CEO Michael Saylor called Microstrategy’s BTC play a huge success in driving the shareholder value in the investor letter that was released recently:
“Adopting bitcoin as our primary treasury reserve asset set us apart from conventional competitors and elevated our brand.”
He called the two-year-old complementary to the company’s decades-old analytics business and noted that he will continue to pursue both strategies. MicroStrategy spent $3.97 billion acquiring 129,218 BTC for an average of $30,800 apiece and with BTC now trading about $10,000 above the level, the trade remains in the green but not as nearly as much when BTC hit $69,000. Saylor’s acquisition strategy grew increasingly creative and what started as an experiment with excess cash amassed during the COVID lockdown brought some bigger share sales, convertible note offerings, and crypto collateralized loans which were used to buy more BTC. MicroStrategy is Wall Street’s biggest balance sheet BTC bull.
For one, Saylor continued to personally provide the executive teams and their liability insurance coverage. The company touched the corporate plan because of the novelty of BTC buying which drove the rates too high. The executives’ bonus payouts are influenced as a part of the contributions to the BTC strategy. MicroStrategy’s four outisde directors continued to receive their fees in BTC rather than in cash which is quite rare in today’s corporate America. Michael Saylor holds up to 68% of the total voting power at the company that was founded in 1989 and he is one of Wall Street’s longest-serving executives.
As recently reported, While there are a lot of market participants that are cheering the decisions of Saylor every time he tries to buy some more BTC, the more the company holds there is a risk that it will bring to the first crypto and its network, and here’s why. At the expense of going against the popular opinion today and the risk that comes along with it, there is a need to call more attention to what is created for bitcoin thanks to Michael Saylor.
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