MicroStrategy is looking to add to its $521 million stash of bitcoin, the company’s president said Tuesday during the business intelligence firm’s earnings conference call.
MicroStrategy President Phong LiBesides the 22% return on its BTC investment, the company has seen another benefit from its foray into cryptocurrency – increased visibility.
“We’ve seen a notable and unexpected benefit from our investment in bitcoin in elevating the profile of the company in the broader market, Li said. “This is benefitting our reputation overall, raising our mindshare among prospective customers.”
CEO Michael Saylor, who has vocally championed BTC since early September, further explained during the earnings call that MicroStrategy’s bitcoin reserves are paying dividends across recruiting, marketing and the MicroStrategy brand. He also compared the bitcoin network to “a digital monetary network that doesn’t bleed monetary energy.”
“As more entities start to understand that idea, which is pretty compelling, the adoption of bitcoin increases,” he said.
The executive’s statement caps a wild three months at the business intelligence firm, executives first hinted at a bitcoin future in their Q2 call. MicroStrategy’s share has risen over 40% since Saylor’s first bitcoin disclosure on Aug. 11.
Share price aside, the bitcoin storyline has definitely boosted the company’s profile. The shift began on July 28, when during the Q2 earnings call executives mulled allocating $250 million into “alternative assets” over the next 12 months as a hedge against the weakening dollar.
Bitcoin, they said, was one of the possible “alternatives.” It turned out to be the only alternative.
All this from a company whose business model has nothing to do with crypto. Before bitcoin, MicroStrategy’s only interaction with the blockchain space was its $30 million sale of the Voice.com domain name to EOS in 2019.
Saylor nevertheless framed the bitcoin holdings as an…