MicroStrategy’s CEO Micheal Saylor confirmed the accumulation of bitcoin in his letter to MicroStrategy shareholders on Thursday. He explained that the purpose of the document was to lay the foundation for the company’s annual meeting, which is set for May 22, 2022.
Saylor reintroduced his bitcoin strategy
The letter from Saylor describes their bitcoin strategy as complementary to their software and analytics business. In addition to strengthening their business strategy, Saylor says the company has recognized that their parallel strategy of getting and owning bitcoin has been a great success.
The business intelligence firm began collecting cryptocurrency in August 2020 with a surplus of cash from operational activities. Its acquisition strategy now uses proceeds from debt and equity transactions.
Later, it increased the pace of accumulation, using funds raised as part of convertible bond offerings, share issues, and cryptocurrency-backed loans.
Saylor also described his company as one where “innovation is inscribed in the corporate DNA.” He noted that MicroStrategy was a pioneer in data mining software in the 80s, early on the Internet revolution in the 90s, and in the 2000s it supported mobile analytics and cloud-based analytics.
MicroStrategy has 129,218 BTC
According to MicroStrategy and its subsidiaries, they currently own 129,218 bitcoins at a cost of $3.97 billion, which means that each coin cost the company $30,700 on average.
At the Miami 2022 Bitcoin conference, Saylor said he is “more bullish about bitcoin than ever” and agreed with Wood’s prediction that BTC may reach $1 billion by 2030.