Co-founder and CEO of business intelligence firm MicroStrategy, Michael Saylor, proclaimed to company shareholders that his company has decided to “vigorously pursue” its reserve asset plans to buy and hold more Bitcoin.
MicroStrategy aims to buy and hold more Bitcoin
In the world the biggest Holder of a single bitcoin wallet with 129,218 BTC worth approximately $5.1 billion, MicroStrategy filed its 2022 proxy statement with the SEC on April 14. depositSaylor highlighted the company’s success in becoming the early bird to recognize Bitcoin’s potential and add value to its customers and shareholders.
The document outlines the $1.2 billion profit margin from holding BTC, with the company only paying $3.9 billion for purchases. Saylor writes:
“Our parallel buy-and-hold bitcoin strategy has been a huge success.”
He recently hinted at buying more Bitcoin via a tweet.
— Michael Saylor⚡️ (@saylor) April 9, 2022
The stakeholder letter also said that while the company’s bitcoin holdings are doing well, its executives are still struggling to obtain liability insurance. Saylor, who owns a 68.1% stake in MicroStrategy, added that he had offered insurance out of his own pocket to fix the problem.
He showed confidence to deliver what the company has planned saying he strongly believes the company has “the right team in place to position us [the company] delivering exceptional value to our customers and strong financial results to our shareholders.
Bitcoin heavy shopping bag
By ending 2021 with the buy bitcoin worth $94.2 million, MicroStrategy also made headlines this year. In February, the company bought 660 BTC units for $25 million and in March he made a startling announcement of borrow $205 million to buy more Bitcoin.
On the one hand, where many big names are praising MicroStrategy’s moves, many have expressed concerns about the company’s stability if Bitcoin’s value drops.