MicroStrategy shareholders letter: We’ll 'vigorously pursue' more BTC buys

MicroStrategy CEO Michael Saylor has proclaimed to shareholders of his institution that his steadfast intends to “vigorously pursue” its reserve assets strategy to bargain and clasp much Bitcoin.

Saylor’s publically traded institution is the largest single-wallet holder of Bitcoin (BTC) successful the satellite with 129,218 BTC according to wallet tracker Bitcoin Treasuries. Those coins are presently valued astatine astir $5.1 billion. MicroStrategy bought 4,197 much coins connected April 5.

By comparison, Tesla, MicroStrategy's runner-up successful the hodling race, owns 43,200 BTC valued astatine astir $1.7 billion.

In MicroStrategy's 2022 Proxy Statement that was filed with the SEC connected April 14, Saylor praised his company’s ongoing occurrence successful being aboriginal to adhd BTC to its treasury and adhd worth for customers and shareholders. MicroStrategy lone paid astir $3.9 cardinal for the BTC successful its treasury, translating to a insubstantial nett borderline of $1.2 billion. Saylor wrote successful the letter:

“Our parallel strategy to get and clasp Bitcoin has been a tremendous success.”

The missive besides states that Microstrategy’s BTC holdings are good successful the green, but made it hard for the company’s executives to get liability insurance. As a result, Saylor has provided the security retired of his ain pocket.

Saylor’s 68.1% ownership of MicroStrategy means that helium tin beauteous overmuch bash what helium likes astatine the company, which besides helps explicate wherefore much companies person not followed his lead. He’s been 1 of the astir vocal proponents for Bitcoin since 2020 and uses his presumption to scope planetary audiences.

On Mar. 29, the MacroStrategy subsidiary of Saylor’s bundle steadfast said it would usage $205 cardinal obtained successful a Bitcoin-collateralized loan from Silvergate Bank to bargain much BTC. Saylor said successful an announcement that the indebtedness marked the archetypal clip his institution was utilizing its BTC holdings arsenic “productive collateral.”

Despite planetary headwinds from the war, ostentation and involvement complaint rises, MicoStrategy and Do Kwon’s Terra (LUNA) buying tens of millions of dollars worthy of Bitcoin astatine a clip has helped support immoderate assurance successful prices. Terra’s holdings are present lone 800 coins behind Elon Musk’s Tesla, which holds the 2nd astir BTC among publically traded companies.

Related: Bitcoin dives connected Wall Street open, DOGE terms jumps connected Elon Musk's Twitter offer

Bitcoin is down 2.65% implicit the past 24 hours trading astatine $40,109 according to Cointelegraph data.