MicroStrategy says it will look into ‘various approaches’ to obtain more bitcoin

Jan 28, 2021 | The Block News | 0 comments

microstrategy-says-it-will-look-into-‘various-approaches’-to-obtain-more-bitcoin

MicroStrategy wants to acquire more bitcoin, according to the firm’s Q4 2020 results filing, and it’s exploring alternative avenues for doing so.

Michael Saylor, who was quoted in the Q4 results, remarked on the publicly-traded company’s bitcoin treasury strategy, which has seen it acquired tens of thousands of BTC to date.

Saylor noted:

“Regarding 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. Going 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.”

What those alternative means might constitute is unclear based on MicroStrategy’s statement. 

Earlier this month, MicroStrategy announced that it had obtained $10 million in additional bitcoin for its treasury. To date, the firm holds 70,784 BTC — an amount worth roughly $2.3 billion at press time.

In November, executives from the firm remarked during a virtual investor day that it is exploring the development of bitcoin data products. At the time, MicroStrategy said that it was at the initial stages of building a team to pursue potential products in that area.

 

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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