Alphabet<\/a> Inc., hold more assets in their corporate treasuries.\u00a0<\/p>\nSaylor, a co-founder and chairman, decided to invest in Bitcoin in 2020 as a hedge against inflation while MicroStrategy\u2019s revenue growth stagnated. The firm initially used cash from operations to make the purchases, and has shifted to using the proceeds from the issuance and sale of stock, as well as convertible debt sales to leverage its buying power. It has become the largest publicly traded corporate holder of the digital currency. \u00a0<\/p>\n
While the strategy has drawn skepticism from traditional corporate governance observers, it has been embraced by investors as a leveraged way to participate in the Bitcoin rally without having to deal with digital wallets or crypto exchanges. The company\u2019s shares have surged by over 2,500% as the value of Bitcoin has soared around 700% since the middle of 2020, making it the best-performing US major stock during the period. Bitcoin reached a record of almost $93,500 on Wednesday.<\/p>\n
\u201cTheir balance sheet is primarily a function of the price of Bitcoin,\u201d said Dave Zion, founder of Zion Research Group, a Chadds Ford, Pennsylvania-based firm that focuses on accounting and tax issues. \u201cThey\u2019re not in control of the price of Bitcoin, so they\u2019re just going to ride that wave, and it\u2019s a wave that could go up or down.\u201d<\/p>\n
Most corporate treasurers use a company\u2019s financial assets to support the business or generate returns, including to pay dividends or to fund share buybacks. Saylor has argued that shareholders benefit from the buy and hold strategy even though the company doesn\u2019t pay a dividend. \u00a0<\/p>\n
MicroStrategy has devised its own performance indicator called Bitcoin yield, which measures the percent change of the ratio between its Bitcoin holdings and its assumed diluted shares outstanding from one period to the next. This yield year-to-date is 26.4%.<\/p>\n
\u201cBecause we have the volatility, many of the things we do are actually selling the volatility, recycling the proceeds of the volatility back into Bitcoin, and then delivering that to our shareholders in the form of a BTC Yield,\u201d Saylor said on an October conference call with analysts.\u00a0<\/p>\n
Saylor has doubled down on the strategy, saying the company aims to raise $42 billion over the next three years. The firm\u2019s total Bitcoin holdings were acquired for an aggregate purchase price of approximately $11.9 billion \u2014 less than half the current value.<\/p>\n
This accrual and holding strategy doesn\u2019t have an endgame in sight, according to Mark Palmer, an analyst at Benchmark Co. who has a \u201cbuy\u201d rating on the shares.\u00a0<\/p>\n
\u201cGiven the way that Bitcoin has moved in 2024 in particular, there\u2019s really no reason why the company would divert from that approach,\u201d he said.<\/p>\n
TD Cowen<\/a> analyst Lance Vitanza also sees the market as accepting of MicroStrategy\u2019s approach as the company continues to be able to tap into sizable capital markets, he wrote in a note to clients on Monday.\u00a0<\/p>\n\u201cWhat started as a defensive strategy to protect the value of its reserve assets has become an opportunistic strategy intended to accelerate the creation of shareholder value,\u201d said Vitanza, who also has a \u201cbuy\u201d rating on the shares. \u201cThis reoccuring value creation deserves to be capitalized.\u201d \u00a0\u00a0<\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"
Michael Saylor\u2019s unorthodox decision to hold Bitcoin instead of cash on MicroStrategy Inc.\u2019s books has vaulted the once obscure software maker into the upper echelon of the wealthiest corporations when it comes to financial assets.\u00a0 The Tysons Corner, Virginia-based firm\u2019s approximately $26 billion Bitcoin cache is larger than the cash and marketable securities of global […]<\/p>\n","protected":false},"author":671,"featured_media":13376,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[123],"tags":[],"class_list":["post-13375","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\n
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Mulima, Bloomberg","author_link":"https:\/\/topat10.com\/?author=671"},"uagb_comment_info":0,"uagb_excerpt":"Michael Saylor\u2019s unorthodox decision to hold Bitcoin instead of cash on MicroStrategy Inc.\u2019s books has vaulted the once obscure software maker into the upper echelon of the wealthiest corporations when it comes to financial assets.\u00a0 The Tysons Corner, Virginia-based firm\u2019s approximately $26 billion Bitcoin cache is larger than the cash and marketable securities of global…","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/posts\/13375","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/users\/671"}],"replies":[{"embeddable":true,"href":"https:\/\/topat10.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13375"}],"version-history":[{"count":0,"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/posts\/13375\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/media\/13376"}],"wp:attachment":[{"href":"https:\/\/topat10.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13375"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/topat10.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13375"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/topat10.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13375"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}