In an earnings call held on October 27, Microstrategy President Phong Le made clear that the company was looking to pour more funds to its Bitcoin (BTC) investments.
- Le noted both the financial and reputational benefit associated with the $426 million worth of cash put into Bitcoin
- Microstrategy has made roughly a 23% return on its Bitcoin investments, and its holdings are currently worth $521 million
- Le noted the increased visibility among the broader market, stating “We’ve seen a notable and unexpected benefit...in elevating the profile of the company...This is benefiting our reputation overall, raising our mindshare among prospective customers”
- Microstrategy’s shares have also increased by 40% since the initial Bitcoin investment in early August 2020
- CEO Michael Saylor has expressed positive sentiment on Bitcoin, after once having been a detractor of the asset