The Bitcoin Boom for MicroStrategy
Forget all those typical business strategies; MicroStrategy has turned to Bitcoin, and spoiler alert: it’s paying off big time! With an estimated profit of $100 million, it seems this business intelligence firm knows a thing or two about cryptocurrency and wallets that won’t quit.
Profits Outweighing Operations
Recent findings from crypto researcher Kevin Rooke paint a striking picture. Believe it or not, MicroStrategy has made a killin’ off its 38,250 BTC holdings—profit that dwarfs the net income from its actual operations over the last three years. Rooke’s data shows that while the company earned $78 million from its core business between Q1 2017 and Q2 2020, its Bitcoin investments have yielded profits way exceeding that amount.
How They Did It
Let’s break it down: MicroStrategy initially splurged $250 million for 21,454 BTC back in August, transforming Bitcoin into their primary reserve asset. But hey, they didn’t stop there! An additional purchase of 16,796 BTC for $175 million followed suit, bringing their total to a staggering $425 million. Yet, irony strikes as the company faced a $14.2 million net loss in their business operations alongside these ambitious crypto moves. Go figure!
CEO’s Vision: Bitcoin as a Treasure
MicroStrategy’s CEO, Michael Saylor, has gone from Bitcoin skeptic to its biggest cheerleader faster than a high school pep rally. “Our recent decision to make Bitcoin our primary treasury reserve asset is a testament to our commitment to virtual technologies,” he declared in a recent quarterly report. Talk about a 180-degree turn! Saylor believes Bitcoin holds more potential than cash—sounds like a bold gamble that has indeed paid off.
Future Plans and Nostalgic Regrets
Now that MicroStrategy has tasted the sweet fruit of Bitcoin investments, they are looking ahead. The firm will be open to purchasing or selling more BTC as dictated by their Treasury Reserve Policy. As for Saylor, it’s amusing to look back at his earlier comments claiming, “Bitcoin’s days are numbered” in 2013. How the times have changed! Now he portrays a Bitcoin maximalist mindset, branding BTC as one of the premier “crypto-asset networks.” Well, you know what they say; may the odds be ever in your favor—especially when you’re this bullish on Bitcoin!
