MicroStrategy CFO Says the Michael Saylor-Led Firm May Buy More Bitcoin on This Condition
MicroStrategy’s chief financial officer (CFO) Phong Le says the enterprise analytics software firm, which currently holds over 100,000 Bitcoin, is open to buying more of the flagship crypto asset.
In a Q2 earnings call, Le says MicroStrategy could buy more Bitcoin when financial conditions allow for it.
“Going forward, you should expect that we may purchase additional Bitcoin when our cash, cash equivalents and short-term investments exceed current working capital requirements.”
MicroStrategy’s CFO also says that when market conditions permit, the tech firm could also raise funds to buy more Bitcoin.
“And we may from time to time, subject to market conditions, issue debt or equity securities and capital-raising transactions with the objective of using the proceeds to purchase Bitcoin.”
Michael Saylor, the company’s CEO, adds that MicroStrategy is currently following two business approaches.
“With the exception of just a few people in legal and finance, the entire company is focused upon enterprise business intelligence. That is our micro strategy…
And our macro strategy is to acquire and to hold Bitcoin.
Our plan with regard to that, of course, is to continue to acquire Bitcoin, continue to hold Bitcoin. It’s a very straightforward strategy.”
MicroStrategy currently owns 105,085 Bitcoin, 10% of which the software firm bought in the second quarter, according to Saylor.
“In the entire quarter [Q2 of 2021], we were able to acquire more than 13,005 Bitcoin. We acquired 13,759 Bitcoin at [a] slightly higher average price: $38,467. We are very comfortable with that acquisition. I was very pleased to see us making such good progress and ending the quarter with 105,085 Bitcoin. At this point, we’ve now invested $2.741 billion in Bitcoin.”
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Author: Daily Hodl Staff
