Microstrategy Commits To Becoming "World's First Bitcoin Development Company"

Not content with owning almost 1% of all BTC in existence, Microstrategy will now devote itself to developing Bitcoin software products.

Just how much BTC is enough? For Microstrategy, it's "just a little more".

For over three years now, Microstrategy has been loading up on bitcoin. CEO Michael Saylor is the archetypal Bitcoin Psychopath, willing to buy high, low, and everywhere in between, and holding through all market conditions.

The latest figures from the company show that Microstrategy now holds 190,000 BTC, having made a small additional buy in January to top up to that round number. Their cost basis is $31,224 per BTC.

MicroStrategy Announces Fourth Quarter 2023 Financial Results; Now Holds 190,000 BTC
February 6, 2024

Those holdings are, at the time of writing, worth $8.5 billion, so the company is sitting on a profit of $2.5 billion. Microstrategy holds close to 1% of all bitcoins in existence (19,620,000 BTC), and will very likely continue to accumulate until they have at least 1% of all BTC that will ever be mined. But that's not enough for Michael Saylor.

Doubling Down

In a recent corporate call, Saylor laid out how Microstrategy would be evolving to become a Bitcoin development company.

In practice, this means building software of all kinds that will support the Bitcoin ecosystem, and generate further revenues for Microstrategy, which of course it will hold in BTC.

Microstrategy can do this because, unlike the ETFs, which are passive vehicles based on trust companies, Microstrategy is an operating company that has active control over what it does.

"We're going to do everything we can to grow the Bitcoin network," Saylor explained in the call. As well as continuing to develop business intelligence software, as they always have done, Microstrategy will now build Bitcoin software too. This will involve products both for Layer 1 and Layer 2.

As these new products are developed, they will either be released for public use, for the benefit of the community and network, or they will be used to create an additional income stream.

Watch this space. Microstrategy has proven itself to be a powerful force in the Bitcoin space. Their first Bitcoin software product will doubtless be something impressive, designed to power the company—and the Bitcoin ecosystem—on to new heights.

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