In a bold but unsurprising move, MicroStrategy Inc. (NASDAQ:MSTR) CEO Michael Saylor said the company would advocate for Bitcoin (CRYPTO: BTC) as a treasury reserve asset across global finance.
What Happened: During the company's third-quarter earnings call Tuesday, Saylor voiced his conviction in Bitcoin's potential to rectify the unhealthy balance sheets of both public and private enterprises.
"Bitcoin fixes the balance sheet. It'll bring your stock back to life. It'll bring your options back to life. It'll bring volatility," Saylor stated.
Saylor said he regularly speaks with executives of public and private companies and highlighted initiatives like "Bitcoin For Corporations," which provide expert advice on the benefits of Bitcoin adoption.
"So unlike a lot of industries where you don't want competitors in our business, we're happy to share the playbook. We're happy to advocate. We'll show you how to do it," MicroStrategy's top executive remarked.
Why It Matters: MicroStrategy released its third-quarter financials on Tuesday, revealing a robust Bitcoin investment strategy.
The company said it purchased 25,889 BTCs in the quarter for approximately $1.6 billion at an average price of $60,839, taking its overall stash to 252,220, worth $18.23 billion.
At an average acquisition price of $9.904 billion, MicroStrategy was up nearly $8.3 billion in profit on its Bitcoin investments.
MicroStrategy also announced that it would raise $42 billion over the next three years through equity and debt financing to buy more Bitcoin.
In August 2020, MicroStrategy became the first publicly traded company to acquire and hold Bitcoin on its balance sheet as a primary treasury reserve asset.
Since then, it has gained 1989% in value, surpassing some of the biggest names on Wall Street, including artificial intelligence darling Nvidia.
Interestingly, the company's stock has also outperformed Bitcoin, with the leading cryptocurrency gaining just 508% in the said period.
That said, the company's net loss widened to $340 million, compared with a loss of $143.4 million in the same quarter last year.
Price Action: At the time of writing, Bitcoin was exchanging hands at $72,173.91, down 0.40% in the last 24 hours, according to data from Benzinga Pro. Shares of MicroStrategy closed 4.23% lower at $247.31 during Tuesday's regular session.
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