MicroStrategy can't get enough of Bitcoin. After accumulating 38,250 bitcoin between August and September, the firm wants more.
“You should expect that we will purchase additional bitcoin as we generate cash beyond what we need to run the business on a day to day basis,” MicroStrategy President Phong Li said following a Q3 earnings report on Tuesday.
Apparently, even with 0.182% of all bitcoin under its belt, MicroStrategy hasn't quite satiated its hunger for bitcoin - not much of a surprise given the company's profits of $19.8 million and 22% return from the novel investment strategy.
In fact, according to researcher Kevin Rooke, MicroStrategy has earned more via Bitcoin in the past 2 months than it has through business operations in the past 3 and a half years.
Following Bitcoin's correction to $13,100, MicroStrategy's unrealized profits currently add up to approximately $80 million, though we don't want to nitpick.
“We’ve seen a notable and unexpected benefit from our investment in bitcoin in elevating the profile of the company in the broader market," said Li. “This is benefitting our reputation overall, raising our mindshare among prospective customers.”
Indeed, since unveiling its Bitcoin treasury strategy in August, company shares have risen approximately 40%, not to mention the attention garnered from its brazen bitcoin venture.
During the earnings call, MicroStrategy CEO Michael Saylor, a vocal proponent of Bitcoin, reiterated his bullish stance, noting that Bitcoin held "greater return potential" for investors than cash, submitting - akin to Li - that the venture has increased the overall visibility of MicroStrategy in the market.
Saylor Is a Bitcoin Bull, Bull, Bull
It wasn't just MicroStrategy flexing it's Bitcoin holdings. Earlier today, Saylor disclosed his own holdings: 17,732 bitcoin - a figure amounting to approximately $234 million at press time.
"Some have asked how much #BTC I own. I personally #hodl 17,732 BTC which I bought at $9,882 each on average. I informed MicroStrategy of these holdings before the company decided to buy #bitcoin for itself," Saylor tweeted.
While Saylor's tweets have been almost overwhelmingly bullish on Bitcoin, he hasn't always been this positive. In fact, in his very first BTC-based tweet back in 2013, Saylor argued that bitcoin was doomed to fail.
"#Bitcoin days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling," he said back then.
Little did he know, just seven years later, he and his company would be making a major bet on bitcoin.