Business intelligence company MicroStrategy has termed the firm’s bitcoin accumulation experiment as a tremendous success and promises more purchases.
MicroStrategy has reportedly used $3.97 billion in acquiring 129,218 bitcoins at an average price of $30,700 per token, with the trade remaining in profits as per the current price.
The executive maintains that the bitcoin in treasury reserve assets set the company ahead of the competition and complements the firm’s operations.
Saylor notes in the announcement that the company continues to personally offer liability insurance coverage for the executive team. The company removed the corporate plan in June due to high rates.
Some of MicroStrategy’s boardroom executives reportedly get their compensation in bitcoin and not cash. The firm’s executive bonus payout is determined partly by its contributions to the BTC strategy.
Michael Saylor maintains 68.1% of total voting rights at the company, founded in 1989. The executive is considered one of the longest-serving executives on Wall Street.
MicroStrategy began the purchase of BTC as part of using excess cash during the pandemic. The asset has earned shares sales, convertible note offerings, and crypto-collateralized loans.