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MicroStrategy's Saylor Wants to Buy as Much Bitcoin as Possible

Thu, 08/03/2023 - 05:50
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Alex Dovbnya
MicroStrategy Chairman Michael Saylor has announced an ambitious Bitcoin acquisition strategy, planning to buy as much of the cryptocurrency as market conditions permit
MicroStrategy's Saylor Wants to Buy as Much Bitcoin as Possible
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MicroStrategy Chairman Michael Saylor has revealed ambitious plans to purchase as much Bitcoin as market conditions will allow.

Speaking on "Bloomberg Markets," Saylor disclosed that MicroStrategy's current Bitcoin holdings are nearly 153,000, with nearly 500 of those purchased since June 30.

The company's acquisition strategy, Saylor noted, is driven by the goal of accumulating Bitcoin on behalf of its shareholders. It's a strategy that includes not only the use of cash flows but also equity and debt issuances from time to time, provided it creates value for common stock shareholders.

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MicroStrategy's shares have seen a substantial rally this year, surging over 200%. With this rally, the company appears poised to tap into its increased market value to further its Bitcoin acquisition strategy. Saylor stated, "Our primary use of proceeds generally is just to acquire Bitcoin."

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Notably, the company has been leveraging its Bitcoin investments with the aid of what Saylor describes as "cheap capital," with an average cost of capital being around 1.6%.

This approach, coupled with the offering of a yield to shareholders without an associated management fee, has brought considerable returns.

Saylor pointed out that since the strategy's inception three years ago, the company has managed to generate a performance of 254%, outpacing the flagship cryptocurrency's own increase of 145% during the same period.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at