Microstrategy CEO Michael Saylor has publicly disclosed his personal Bitcoin holdings, sparking widespread market attention. According to his own statement, Saylor holds 17,732 BTC at an average purchase price of $9,882, currently valued at approximately $240 million given Bitcoin's price of $13,447. He stated that he informed Microstrategy's board about these holdings before the company decided to adopt Bitcoin as its primary treasury reserve asset.
Company's Bitcoin Investment Outperforms Core Business
Microstrategy's Q3 2020 earnings report detailed its Bitcoin strategy: the company acquired approximately 38,250 BTC at an average price of $11,111, with a total investment of $425 million. Today, those holdings are worth over $514 million, yielding an unrealized gain of nearly $90 million. Independent analyst Kevin Rooke highlighted that Microstrategy earned $100 million in Bitcoin gains over the past two months (unrealized), while its core business generated only $78 million in operating profit over the previous three and a half years. This underscores the extraordinary performance of the company's Bitcoin allocation relative to its underlying operations.
From Skeptic to Evangelist
Notably, Saylor was initially a Bitcoin skeptic. In December 2013, he tweeted: “Bitcoin days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling.” However, after extensive research, he underwent a complete transformation, now calling Bitcoin the “best store of value” and far superior to gold or tech stocks. Both Saylor and Microstrategy have indicated a long-term holding horizon, with Saylor even mentioned a 100-year holding plan. The company's stock price has risen nearly 38% since the Bitcoin announcement in July 2020, from $117.81 to $162.15. This move has cemented Saylor's position as one of Wall Street's most aggressive Bitcoin bulls, potentially inspiring other public companies to follow suit in adopting cryptocurrency treasury strategies.