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Michael Saylor Wants to Turn Microstrategy Into a Bitcoin Bank

Saylor told analysts at Bernstein he intends his company to be the top Bitcoin bank.
By: Pedro Solimano • October 12, 2024
saylor with bitcoin logo

In what might be anathema to the underlying ethos of Bitcoin, permabull Michael Saylor explained Microstrategy’s endgame. To become a bank.

According to wealth management firm Bernstein, Saylor believes that Microstrategy, which holds 245,000 BTC or $9 billion, is in the core business of creating Bitcoin capital market instruments across equity, convertibles, fixed income and preferred shares.

Interestingly, contrary to what a bank does, Saylor sees Bitcoin as offering enough yield so his company doesn’t have to lend the BTC out.

“This is the most valuable asset in the world. The endgame is to be the leading bitcoin bank, or merchant bank, or you could call it a bitcoin finance company,” Saylor reportedly said. “If we end up with $20bn of converts, $20bn of preferred stock, $10bn of debt and say $50bn billion of some kind of debt instrument and structured instrument, we'll have $100-$150bn of bitcoin.”

MSTR rallied 15% to $212 on Friday, and Bernstein has set a price target of $290, a 40% increase from its current price. The stock is up 1,000% in four years, outperforming every single company on the S&P 500, an accomplishment not even Bitcoin can claim.

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MSTR Price

Microstrategy has been touted as one of the greatest stories of corporate finance in modern times. Following an aggressive Bitcoin-acquisition strategy since 2020, the firm led by Saylor has leveraged debt and equity to purchase BTC, outperforming many traditional investments. Valued at $15 billion, the company’s bitcoin holdings show a $5 billion profit.

Saylor has also earned himself god-like status among Bitcoiners for his repeated defense of the network and offering up his firm’s balance sheet as an example of having skin in the game.

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