MicroStrategy May Get Creative to Make Future Bitcoin Buys: CEO

MicroStrategy (MSTR) CEO Michael Saylor pledged to keep pouring the business intelligence company’s excess cash into bitcoin Thursday, telling investors his team will also “explore various approaches” for additional buys.

“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,” Saylor said in the company’s quarterly filing.

The company is currently sitting on a trove of 70,784 bitcoins. While most of that was purchased with excess cash, Saylor raised $650 million late last year in a debt offering to buy yet more bitcoin.

On the company’s earnings call, Saylor added that shareholders can expect the software company to purchase more bitcoin, noting they will “continue to actively manage” their balance sheet. Holding bitcoin as a primary reserve asset and seeking to acquire more bitcoin are part of the corporate strategy, Saylor said.

“Regarding our bitcoin strategy, our pioneering decision to make bitcoin our primary treasury reserve asset has made MicroStrategy a thought leader in the cryptocurrency market and generated great interest in MicroStrategy as a corporation,” Saylor said.

MicroStrategy will “do our best” to capitalize on the opportunity Saylor sees to become a leader in the cryptocurrency space, per his comments on the earnings call, saying he “feels good” about the “synergy” between his company’s software product strategy and bitcoin strategy.

CFO Phong Le also said that, in addition to continuing to develop their software products, buying bitcoin is an “important part” of “enhancing” investor returns.

Saylor is “not overly concerned” with bitcoin’s near- or mid-term volatility, and said he intends to “progressively acquire more bitcoin” at prices that “probably keep going up.”

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