MicroStrategy won’t stop at 70,784 BTC
TL;DR Breakdown:
- MicroStrategy is planning to hold more Bitcoin.
- The CEO said they were exploring more ways to buy BTC.
MicroStrategy is one big-name company that has gained prominent attention in the cryptocurrency market following its bold decision to make Bitcoin their primary reserve asset. It’s also safe to mention that the publicly-traded business intelligence company is the largest corporate Bitcoin buying, holding more than 70,000 BTC. The company’s Bitcoin reserve is seemingly not going to cap anytime soon, as the CEO disclosed that they are exploring more ways to allocate additional funds to the cryptocurrency.
MicroStrategy will buy more Bitcoin
The CEO of MicroStrategy, Michael Saylor, made this known in the company’s recent Q4 2020 results filing. Saylor remarked on how the company’s journey to holding Bitcoin as a primary reserve asset has generated an extensive level of interest for them as a corporation, especially from participants in the crypto industry. That decision has also established MicroStrategy as a thought leader in the cryptocurrency market, according to the CEO.
MicroStrategy won’t liquidate their Bitcoin holdings anytime soon. As per Saylor, they are planning to hold the cryptocurrency and also raise the reserve with additional BTC purchases using their excess cash flows. For this reason, MicroStrategy is seeking other approaches for buying the cryptocurrency. The statement from the CEO precisely reads:
“Going forward, we continue to plan to hold our bitcoin and invest additional excess cash flows in Bitcoin. Additionally, we will explore various approaches to acquire additional bitcoin as part of our overall corporate strategy.”
Corporate Bitcoin investors
MicroStrategy strongly believes that holding the cryptocurrency is better when it calls for inflation hedging. This belief had led the company to buy precisely 70,784 BTC in total. Following the price of BTC at $32,799, these coins are worth $2.3 billion. Many companies have joined this trend, including MassMutual, Square Inc., Galaxy Digital, and many others. Many people in the market are also optimistic that more big companies will buy Bitcoin.
