Even with the substantial loss on its bitcoin investments, Michael Saylor seems still bullish
CEO of prominent business intelligence company MicroStrategy Inc. Michael Saylor put his opinion in summer 2020 regarding the inflation that it could make cash money worthless and hence his company started buying bitcoin (BTC) heavily. Since then the company has accumulated a huge amount of bitcoin despite the drop in crypto asset’s price.
While minimizing the concerns of bitcoin price going down or investment could lose value, Michael Saylor adhered to his strategy and made his company MicroStrategy to consistently add more bitcoin (BTC) to its crypto-asset reserve. But no matter if someone thinks of them or not, there are consequences.
The Bitcoin Stockpile of MicroStrategy that at the first quarter-end stood at about $5.9 billion has come down to just $2.45 billion. This 58% loss in just the past three months came along with the price of bitcoin on 30th June when it was trading at $18,900.
Earlier on 3rd May, President and CFO at Microstrategy, Phone Le stated that the company was seeking to purchase and hold more bitcoin for the long term in order to reiterate their strategy of long term plan. He further said that the company sees their bitcoin holdings as some long term investment and it has no plans to get involved in selling bitcoin at present.
Senior director of MicroStrategy’s treasury and investor relations, Shirish Jajodia said in response to asking about the same that MicroStrategy has no plans with the sale of its Bitcoin and also said that company’s shareholders are also with them in this to support their strategy. Jajodia further added that Microstrategy is prone to these short term trembles in the market due to its robust capital structure.
During the time when the crypto market was at the height of its crash, business software enterprise had made another purchase of 480 bitcoin (BTC) in exchange of $10 million, on 3rd May and 28th June for an average price of about $20,817. Other than MicroStrategy, another firm based in Virginia, The Tysons Corner, has about 129,699 bitcoin (BTC) in its crypto stash totaling about $3.98 billion. The whole bitcoin stockpile holds an average price of about $30,665 due to purchases made at different prices, per the SEC filings on Wednesday.
