- The MicroStrategy CEO said the company is considering issuing more debt to buy bitcoin.
- “It makes sense to buy as much of that asset class as we can,” the CEO said.
- In total, MicroStrategy has amassed 90,531 bitcoins as of February 24 since it began purchases of the digital asset in August.
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MicroStrategy CEO Michael Saylor said the company is considering issuing more debt in order to buy addtional bitcoin.
“We’ve been pretty clear that we’ll consider equity and debt financings,” Saylor said, speaking as part of a panel for the Bloomberg Crypto Summit Thursday. “It makes sense to buy as much of that asset class as we can,” he said.
The software technology company was the first corporation to directly purchase bitcoin, driven by Saylor’s view of the digital asset as a hedge against a potential devaluation of the US dollar.
Saylor on February 24 announced on Twitter that his company purchased an additional 19,452 bitcoins for an estimated $1.026 billion in cash at an average price of $52,765 per bitcoin.
MicroStrategy owns 90,531 bitcoins as of February 24, investing at roughly $2.2 billion in total since it started purchasing the digital asset in August. Thus far, the company has issued two rounds of convertible bonds to purchase more of the coins.
Saylor also pointed to the cryptocurrency’s finite number as one of the factors that make bitcoin valuable. There are only 21 million bitcoins, and 18 million have been mined so far.
“If you want to preserve shareholder value, you have to hold scarce assets,” he said. “Bitcoin is the most liquid, scarce, uncorrelated asset you can buy.”