U.S.-based business intelligence firm MicroStrategy is pivoting its focus towards becoming a prominent player in Bitcoin development.
This bold plan was revealed by founder Michael Saylor during the company’s latest Q4 earnings call on Wednesday, signalling a strategic pivot that could reshape the company’s trajectory towards becoming a powerhouse in Bitcoin development.
“We view ourselves as a Bitcoin development company. That means that we’re going to do everything we can to grow the Bitcoin network.” Said Saylor.
Saylor further underscored the distinct advantage held by MicroStrategy as an operating entity, emphasizing its capacity to pursue ventures beyond the scope of traditional trust companies, even those granted approval for spot Bitcoin ETFs.
“We have active control of our capital structure and we can do things operating companies can do that trust companies like spot BTC ETF they can’t do. And that’s a wide range of things, and one of those things is we can develop software,” Saylor explained.
According to the businessman, MicroStrategy’s foray into Bitcoin development will involve creating applications and software to extract value from the Bitcoin network. Saylor expressed enthusiasm for exploring opportunities at the base layer and Layer 2 protocols like the Lightning Network. He also emphasized the company’s commitment to releasing developed software to benefit the Bitcoin network or generate additional revenue, fueling further Bitcoin acquisitions.
“We’re going to do everything we can to acquire more Bitcoin, and we’re going to do everything we can to benefit our shareholders and do this in a creative fashion,” he stated.
This strategic shift comes from MicroStrategy’s relentless pursuit of Bitcoin since adopting a Bitcoin treasury in August 2020. Over the years, the firm’s aggressive buying strategy has propelled it to the forefront as the world’s largest corporate holder of Bitcoin, surpassing competitors by a significant margin.
Notably, last year alone, the business intelligence firm acquired approximately 14,620 bitcoins, solidifying its position as a major player in the cryptocurrency space. The company’s momentum has continued into 2024, with the firm once again acquiring 850 bitcoins in January, valued at $37.5 million. This latest purchase further bolstered MicroStrategy’s Bitcoin treasury, which now stands at a staggering 190,000 BTC, valued at $8.56 billion.
That said, MicroStrategy’s strategic shift towards Bitcoin development underscores its belief in the long-term potential of the cryptocurrency and its commitment to contributing to the growth and development of the Bitcoin network. And despite facing competition from leading ETF issuers and underwhelming quarterly performances, MicroStrategy has remained undeterred in its pursuit of Bitcoin.