MicroStrategy already has a fortune of more than 105.000 bitcoins, but Michael Saylor is committed to continuing to increase his holdings in the future and to explaining Bitcoin to everyone.
Michael saylor, CEO of the business intelligence company microstrategy and one of the most influential people in the world of business and cryptocurrencies, , said the company will maintain its diversification and investment strategy in Bitcoin (BTC), the most powerful and largest cryptocurrency in the industry by capitalization.
Saylor said that MicroStrategy will continue to purchase bitcoins in the future to increase its current reserves. The company's president also stated that he is prepared and committed to bringing Bitcoin to the masses, so that everyone will know the potential and benefits that this new form of digital money has to offer.
“We will help explain Bitcoin to regulators, the public and the media,” Saylor said during MicroStrategy's second quarter 2021 financial results presentation.
The company's financial results show that despite the general decline in bitcoin prices and the crypto market since last May, the company continues to reflect gains on its balance sheet. Specifically, Saylor stated that MicroStrategy is seeing one of the most successful quarters for its intelligence software business and that its success in the market is mainly related to its investment strategy in bitcoin and digital assets.
Publicly traded MicroStrategy has been committed since last year to investing its reserves and excess cash in bitcoin, as a way to protect its value against fiat currency inflation. To date, the company holds a total of 105.085 BTC, valued at more than $4.410 billion at the current BTC price. However, MicroStrategy’s overall investment to obtain its bitcoin holdings is just over $2.740 billion, according to Saylor.
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More bitcoins in MicroStrategy's treasury
“Going forward, we intend to continue to deploy additional capital into our digital asset strategy.”, Saylor said during the presentation of the financial results.
Losses in value second quarter
The last purchase MicroStrategy’s first bitcoin purchase occurred in June, when the company invested nearly $500 million, raised through its debt policy, to add another 13.000 BTC to its balance sheet. At the time of the purchase, the price of Bitcoin was around $37.700 per unit, so as of June 30, the value losses on the purchase were $61 million, with the price of Bitcoin close to $33.000 per unit.
Likewise, the company's investments in bitcoin during the second quarter caused impairment losses totaling $689,6 million since the investment, MicroStrategy reported. However, looking at the bigger picture, as mentioned, MicroStrategy's overall investment in bitcoin continues to show gains for the company and its shareholders. Since the firm began investing in bitcoin in August 2020, the value of the cryptocurrency has appreciated by 270%, as have the company's initial investments.
Via Twitter, Saylor clarified that the average purchase price of each bitcoin owned by the company is $26.080 per BTC. At the time of this writing, BTC is trading at a value close to $XNUMX. $42.000 per unit, so on average MicroStrategy makes a profit of $16.000 for each bitcoin.
Committed to bitcoin
Since the company started investing in bitcoins, Michael Saylor has publicly shown his deep conviction and belief towards Bitcoin as a reliable store of value. On many occasions, Saylor has said that Bitcoin is the money of the future, laying the foundation for freedom and digital ownership.
In February, Saylor held a conference to encourage institutional adoption of Bitcoin, and in April, he announced that MicroStrategy board members would begin receiving their fees in the cryptocurrency.
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