New MicroStrategy CEO Phong Le, Michael Saylor Bitcoin announced that he supported the decision to keep the company on its balance sheet.
MicroStrategy Even Considered Investing In Artwork Before Bitcoin
Speaking at a conference sponsored by investment bank Canaccord Genuity on Tuesday, Le said that MicroStrategy was considering buying treasury bills, corporate bonds, gold, commodities, real estate and even artwork before buying Bitcoin (BTC) for the first time in August 2020. .
However, Le said that digital assets continue to enter management’s conversations. Le said, “We are inventors at our core,” explaining why Bitcoin has won.
Le reminded listeners that in September 2020, MicroStrategy held an auction and offered a way out for investors who were not interested in Bitcoin strategy by charging a 15% premium to the stock price at the time. Only $60 million of stock was offered, Le said, which was well below the $250 million the company was expecting at the time.
Le said that the BTC strategy has increased its shares and trading volume and helped MicroStrategy cease to be just a “software company in sleep”.
At the time of this writing, the company has 129,000 BTC, which is worth about 3 billion dollars.
Le was appointed CEO of MicroStrategy last week after Saylor stepped down to become chairman of the board.
Cryptocurrency Michael Saylor, one of the most well-known names in the market and a very strict BTC supporter, stated that he left his CEO position in order to focus more on BTC.
*Not investment advice.
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