Microstrategy Wants to Invest More in Bitcoin
In an earnings call held on October 27, Microstrategy President Phong Le made clear that the company was looking to pour more funds to its Bitcoin (BTC) investments.
- Le noted both the financial and reputational benefit associated with the $426 million worth of cash put into Bitcoin
- Microstrategy has made roughly a 23% return on its Bitcoin investments, and its holdings are currently worth $521 million
- Le noted the increased visibility among the broader market, stating “We’ve seen a notable and unexpected benefit…in elevating the profile of the company…This is benefiting our reputation overall, raising our mindshare among prospective customers”
- Microstrategy’s shares have also increased by 40% since the initial Bitcoin investment in early August 2020
- CEO Michael Saylor has expressed positive sentiment on Bitcoin, after once having been a detractor of the asset