MicroStrategy CEO Michael Saylor has proclaimed to his company's shareholders that his company intends to "vigorously pursue" its reserve asset strategy to buy and hold more Bitcoin.
Saylor's publicly traded company is the largest single Bitcoin wallet holder (BTC) in the world with 129,218 BTC according to wallet tracker Bitcoin treasures. Those coins are currently valued at around $5.1 billion. microstrategy bought 4,197 more coins on april 5
By comparison, Tesla, MicroStrategy's runner-up in the hodling race, holds 43,200 BTC valued at around $1.7 billion.
In MicroStrategy 2022 Proxy Statement which was filed with the SEC on April 14, Saylor praised his company's continued success in being early in adding BTC to its treasury and adding value for customers and shareholders. MicroStrategy only paid around $3.9 billion for the BTC in its treasury, which translates to a paper profit margin of $1.2 billion. Saylor wrote in the letter:
"Our parallel strategy to acquire and hold Bitcoin has been extremely successful."
The letter also states that Microstrategy's BTC holdings are well in the green, but made it difficult for company executives to obtain liability insurance. As a result, Saylor has provided the insurance out of his own pocket.
Saylor's 68.1% ownership of MicroStrategy means he can pretty much do whatever he wants in the company, which also helps explain why more companies haven't followed suit. He has been one of the most vocal advocates for Bitcoin since 2020 and uses his position to reach global audiences.
On March 29, Saylor's software firm MacroStrategy subsidiary said it would use $205 million raised in a Bitcoin Secured Loan from Silvergate Bank to buy more BTC. Saylor said in an announcement that the loan marked the first time his company had used his BTC holdings as "productive collateral."
Despite the global headwinds of war, inflation, and rising interest rates, MicoStrategy and Do Kwon's Terra (MOON) buying tens of millions of dollars worth of Bitcoin at a time has helped maintain some confidence in prices. Terra properties are now only 800 coins behind Elon Musk's Tesla, which holds the second largest amount of BTC among publicly traded companies.
Related: Bitcoin Dips on Wall Street Open, DOGE Price Rises on Elon Musk Twitter Offering
Bitcoin is down 2.65% in the last 24 hours trading at $40,109 according to Cointelegraph data.
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