MicroStrategy is ready to ramp up its investment in bitcoin, evaluating its business benefits
MicroStrategy executives reported that the purchase of 38,250 bitcoins had a positive impact on their business. This statement was made by representatives of the company on Tuesday during a conference call on financial results in the third quarter, writes CoinDesk.
MicroStrategy’s revenues grew 6.4% year-over-year and net loss narrowed to $ 14.2 million. Calculated against its own non-GAAP accounting standards, the company earned $ 19.8 million or $ 2 in profit. 06 per share versus $ 11.6 million and $ 1.13 a year ago.
“We are seeing significant and unexpected benefits from our investment in bitcoin when assessing a company’s profile in the broader market,” said Fong Li, President of MicroStrategy. “This has a beneficial effect on our overall reputation and increases our awareness among potential customers.”.
Lee also said that MicroStrategy is ready to continue investing in bitcoin: “You should expect us to buy bitcoins as we generate income that exceeds our daily business needs.”.
MicroStrategy CEO Michael Sailor said that the presence of bitcoins had a positive impact on the recruiting, marketing and brand of the company, calling the cryptocurrency “a digital money network that does not waste money energy.”.
“As more and more entities begin to understand this idea, which in itself is quite attractive, the spread of bitcoin is growing,” he said..
On July 28, MicroStrategy announced its intention to invest $ 250 million in “alternative assets”, including bitcoin, to hedge against the weakening dollar. On August 11, she invested $ 250 million in cryptocurrency, and a month later – another $ 175 million.
MSTR shares have risen more than 40% since the first investment. The company specializes in business intelligence and, in its main direction, does not intersect with digital currencies. At the same time MicroStrategy allows the possibility of reducing the position in the cryptocurrency, its “primary reserve asset”, if necessary.