MicroStrategy (MSTR) CEO Michael Saylor pledged to keep pouring the business intelligence companyâs excess cash into bitcoin Thursday, telling investors his team will also âexplore various approachesâ for additional buys.
âGoing forward, we continue to plan to hold our bitcoin and invest additional excess cash flows in bitcoin. Additionally, we will explore various approaches to acquire additional bitcoin as part of our overall corporate strategy,â Saylor said in the companyâs quarterly filing.
The company is currently sitting on a trove of 70,784 bitcoins. While most of that was purchased with excess cash, Saylor raised $650 million late last year in a debt offering to buy yet more bitcoin.
On the companyâs earnings call, Saylor added that shareholders can expect the software company to purchase more bitcoin, noting they will âcontinue to actively manageâ their balance sheet. Holding bitcoin as a primary reserve asset and seeking to acquire more bitcoin are part of the corporate strategy, Saylor said.
âRegarding our bitcoin strategy, our pioneering decision to make bitcoin our primary treasury reserve asset has made MicroStrategy a thought leader in the cryptocurrency market and generated great interest in MicroStrategy as a corporation,â Saylor said.
MicroStrategy will âdo our bestâ to capitalize on the opportunity Saylor sees to become a leader in the cryptocurrency space, per his comments on the earnings call, saying he âfeels goodâ about the âsynergyâ between his companyâs software product strategy and bitcoin strategy.
CFO Phong Le also said that, in addition to continuing to develop their software products, buying bitcoin is an âimportant partâ of âenhancingâ investor returns.
Saylor is ânot overly concernedâ with bitcoinâs near- or mid-term volatility, and said he intends to âprogressively acquire more bitcoinâ at prices that âprobably keep going up.â