Putting his Bitcoins where his mouth is! This perfectly suits MicroStrategy CEO Michael Saylor as the public listed company is now planning to pay its directors directly in Bitcoins. In his latest announcement, Michael Saylor made this announcement through his Twitter handle sharing a Form 8-K submitted to the U.S. SEC.
— Michael Saylor (@michael_saylor) April 12, 2021
MicroStrategy (NASDAQ: MSTR) is one of the biggest publicly listed companies to have invested more than $2.3 billion in Bitcoins over the last few months. Michael Saylor has been making aggressive bets on Bitcoin every passing month as his company holds nearly 93K Bitcoins as of date.
Mr. Saylor has been very much vocal about his belief in Bitcoin and recently hosted the “Bitcoin for corporations” virtual event earlier this year. Saylor believes that amid the current global macros and fears of rising inflation, every business should put their extra cash into Bitcoin and protect it from the devaluating currency.
After MicroStrategy’s public disclosure of buying Bitcoins in September 2020, the MSTR stock has skyrocketed since then. In February, the MSTR share touched a high of $1272. As of last Friday’s closing, the MSTR share was trading 3% up at $711 with a market cap of $6.82 billion. However, there’s been a recent controversy as last week, HSBC blocked its clients from buying shares of MSTR.
HSBC Prevents Clients from Buying MSTR Shares
Last week, the Britain-headquartered bank released its new policy on cryptocurrencies. The bank is preventing its clients to trade stocks of those companies having exposure to Bitcoin and other cryptocurrencies on its online trading platform HSBC InvestDirect, or HIDC. The notice from HSBC reads:
“HIDC [HSBC Invest Direct] will not participate in facilitating (buy and/or exchange) product related to virtual currencies, or products related or referencing to the performance of virtual currency”.
It is surprising and unfortunate at the same time that when big corporates and banking giants like Goldman Sachs, JPMorgan are looking to dabble into Bitcoins, HSBC is looking the other way round. One thing is sure, all this isn’t stopping MicroStrategy or Michael Saylor from taking its Bitcoin cruise ahead.