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HomeCryptoMicroStrategy's Crypto Coup: Michael Saylor Aims to Expand Bitcoin Bounty

MicroStrategy’s Crypto Coup: Michael Saylor Aims to Expand Bitcoin Bounty

In a bold declaration of bullish faith in Bitcoin, Michael Saylor, the founder of MicroStrategy, announced plans to possibly cash in company shares in pursuit of acquiring even more of the world’s largest cryptocurrency.

MicroStrategy, a well-established software company, is no stranger to integrating Bitcoin into its financial strategy. In the past, the company has leveraged proceeds from stock and bond sales to expand its digital currency cache. A recent federal filing indicates that the company might sell up to $750 million of class A common stock, the proceeds of which could be employed for more bitcoin procurement or other general corporate endeavors.

Saylor, speaking with Bloomberg TV, elucidated the firm’s crypto-centered strategy, stating, “Our goal is to accumulate as much Bitcoin as we can on behalf of our shareholders.”

MicroStrategy’s commitment to this digital gold rush is reflected in its current holdings of 152,800 bitcoins, valued at approximately $4.5 billion as of July 31st. Saylor himself added 12,333 bitcoins to the company’s digital treasure trove in the same month.

The company’s bold Bitcoin strategy appears to be paying off. The cryptocurrency, whose market value outshines all other digital currencies, has seen a rally of 75% thus far in 2023. This sterling performance has propelled MicroStrategy to its first profitable quarter in two years, while its stock has skyrocketed by a staggering 189.45%.

MicroStrategy’s innovative model for bitcoin investment, combining leverage and yields for shareholders, has seen tremendous success. Saylor explained, “We use cheap capital — our average cost of capital is like 1.6% — and the combination of leverage, and then offering our shareholders a yield, has allowed us to actually generate 254% performance since last August, in the same time the bitcoin was up 145%.”

A staunch bitcoin bull, Saylor predicts bitcoin’s market dominance will only escalate, as regulatory crackdowns sweep away weaker competing cryptocurrencies. “The public is beginning to realize that bitcoin is the next bitcoin,” he stated, suggesting a potential 10x rise from its current position, and then another 10x leap.

As of Thursday morning, bitcoin was trading at around $29,162. But if Saylor’s projections hold true, this could just be the starting point for an exponential climb. With MicroStrategy’s intention to acquire more of this booming digital currency, it’s a clear sign of trust in the future of Bitcoin. The crypto investment game just got more interesting.

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