Michael Saylor’s Determination to Add bitcoin to MicroStrategy’s Balance Sheet

Michael Saylor faced numerous challenges before successfully incorporating bitcoin into MicroStrategy’s balance sheet in 2020. Speaking at the 2024 Abundance360 Summit, Saylor disclosed the hurdles he overcame when he decided to acquire $250 million worth of bitcoin.

The Dutch Auction Offer to MicroStrategy Shareholders

In an effort to secure the $250 million worth of bitcoin, Saylor offered to purchase MicroStrategy shares from shareholders in a Dutch auction. After announcing the purchase of approximately 9,245 bitcoins for $623 million, MicroStrategy’s total bitcoin holdings now amount to about 214,246 BTC.

Saylor detailed how he offered shareholders the choice to tender their shares back to the company during the bitcoin acquisition process. He extended the offer at a premium price, ensuring shareholders had 20 days to deliberate.

Saylor’s Determination to Acquire bitcoin

Expressing his belief in “buying bitcoin” and his unwavering commitment to accumulating more, Saylor navigated the volatile bitcoin price landscape. At the time of the acquisition, bitcoin was priced around $11,000, having previously reached highs of $20,000 in 2017.

MicroStrategy’s Prominent Position as a Corporate bitcoin Holder

Through Saylor’s aggressive pursuit of bitcoin for MicroStrategy, the company has emerged as one of the largest corporate bitcoin holders. With over $13.7 billion worth of BTC, bitcoin has become MicroStrategy’s primary corporate treasury asset.

Despite facing fluctuations in the bitcoin market, MicroStrategy has funded its bitcoin acquisitions through debt offerings and equity issuances. Saylor remains steadfast in his decision not to sell any of the company’s substantial bitcoin holdings in the near future.

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### News source: bitcoinmagazine.com

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