Michael Saylor Unveils Crucial MicroStrategy Bitcoin Statement
Highlights
- MicroStrategy might be doubling down on its Bitcoin embrace
- Michael Saylor teases new direction for the company
- Crucial upside for Bitcoin
MicroStrategy, a business intelligence software firm, appears to have undergone an update, as evidenced by a notable statement from its former CEO Michael Saylor regarding Bitcoin (BTC) on X.
MicroStrategy as a Bitcoin Development Company
During the latest Q4 earning call that was held earlier this week, Saylor called his firm a Bitcoin development company. He acknowledged that MicroStrategy is committed to the continuous development of the BTC network. Furthermore, he noted that the firm is demonstrating this commitment through some activities in the financial markets, advocacy, and technology innovation.
“We view ourselves as a Bitcoin development company. That means that we’re going to do everything we can to grow the Bitcoin network.” the former MicroStrategy CEO pointed out.
MicroStrategy is a #Bitcoin Development Company.
— Michael Saylor⚡️ (@saylor) February 9, 2024
Saylor believes that in its pivot to becoming a Bitcoin development company, MicroStrategy has a distinctive advantage as an operating entity. He touted the firm’s capacity to venture into businesses that are outside the scope of traditional trust companies. It could even go as far as offering the same services as those granted approval for spot Bitcoin ETFs by the SEC.
The new line of business would encompass creating applications and software to extract value from the Bitcoin network.
MicroStrategy Holds Massive 190K BTC
Before bagging the largest Bitcoin portfolio, MicroStrategy had been solely a software consulting venture for almost 31 years.
In 2020, however, it all changed when Saylor who was the CEO of the firm at the time began to transfer the firm’s treasury assets out of cash into Bitcoin. So far the move has had a massive effect on MicroStrategy’s stock MSTR.
In the broad market, MSTR has outperformed several assets including Bitcoin, per Saylor’s statement. Data from Nasdaq shows that the stock has a current market value of $643.78 with a 9.52% increase today.
Ultimately, MSTR happens to be the largest publicly traded holder of bitcoin with total holdings of 190,000 bitcoin after its most recent acquisition. This entire MicroStrategy Bitcoin holding is currently worth approximately $9 billion by the market value of Bitcoin as of today ($47,441.62).
MicroStrategy plans to still keep up with its Bitcoin strategy while also considering the financial well being of its stakeholders.
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