to leave a comment.
▲ Saylor and Bitcoin/ChatGPT generated image
Michael Saylor revisited the turnaround of MicroStrategy (MSTR), which nearly collapsed in the middle of the 2022 bear market. His decision to hold and buy Bitcoin (BTC) has grown the company to an entirely different scale in four years.
According to crypto media outlet U.Today on June 20 (local time), Michael Saylor, chairman of MicroStrategy, the world's largest Bitcoin treasury company, briefly shared the company's difficult times and recovery process. Saylor recalled that Bitcoin was trading at approximately $20,000 during his speech in October 2022.
At that time, MicroStrategy's Bitcoin holdings were approximately 130,000 BTC, valued at about $2.6 billion. The stock price, adjusted for stock splits, remained around $24.
Subsequently, the market entered a deeper correction. Bitcoin fell below $16,000. MicroStrategy faced pressure with its debt exceeding the combined value of its Bitcoin holdings and cash reserves by approximately $300 million.
MSTR's stock price also dropped from $24 to $13 in a few weeks. However, Saylor emphasized that the company did not abandon its long-term goals. MicroStrategy continued to acquire Bitcoin even in a challenging market.
U.Today reported that MicroStrategy subsequently raised over $60 billion in additional capital. The company invested these funds into expanding its Bitcoin holdings. As a result, MicroStrategy added over 716,000 BTC since then, increasing its Bitcoin holdings in its portfolio to over 846,000 BTC.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
Newsletter
Get key news delivered to your email every morning
to leave a comment.