2021-1-29 15:32 |
MicroStrategy is far from getting its fill of Bitcoin (BTC), and according to its CEO, Michael Saylor, the firm may need to become creative to acquire more of the asset
The chief executive pledged to continue injecting excess funds into the Bitcoin market yesterday in the intelligence firm’s quarterly filing. Saylor undertook to ensure shareholders get rewarded well. He noted that the intelligence firm would remain invested in Bitcoin and continue managing the asset. He explained that accumulating the leading cryptocurrency as a primary asset while advancing to get more was an investment strategy.
“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.”
The same was voiced by Phong Le, the firm’s chief financial officer who pointed out that purchasing more BTC was instrumental in augmenting returns. It appears that Saylor is not worried about Bitcoin’s near- or mid-term volatility as MicroStrategy gears to take up an even stronger position in the market.
Saylor also assured investors that the company was looking for other ways to allow for more BTC purchases. The chief executive stated that he planned on acquiring more Bitcoin ‘progressively’ at price figures that would ‘probably keep going up.’
“Going forward, we continue to plan to hold our Bitcoin and invest additional excess cash flows in Bitcoin. Additionally, we will explore various approaches to acquire additional Bitcoin as part of our overall corporate strategy”, he said.
MicroStrategy is one of the biggest institutional investors of Bitcoin and holds a stash of 70,784 bitcoins. The BTC trove is worth almost $2.4 billion at the current prices. The company’s finances show much of the stash was financed by excess cash and the rest from the $650 million raised in a debt offering at the end of last year.
Based on the company’s statement, it is still unclear what the alternative approaches are or what they will entail. It is worth noting that the company executives suggested going after the development of Bitcoin data products sometime back in November.
The post MicroStrategy considering alternative ways to purchase Bitcoin appeared first on Coin Journal.
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