Bitcoin as a corporate strategy: the MicroStrategy playbook

In 2013, Michael Saylor dismissed Bitcoin, claiming its days were numbered. Fast forward to December 2nd, 2024, and his company, MicroStrategy, now owns an astounding 423,650 Bitcoins - solidifying its position as the most significant corporate holder of the cryptocurrency. The next closest is Marathon, holding a mere 33,000 Bitcoins in comparison. Remarkably, only a handful of individuals own more Bitcoin than MicroStrategy, with nations such as China and the US trailing far behind. MicroStrategy's transformation from anti-crypto to one of Bitcoin’s most exemplary advocates began in 2020. Saylor experienced an epiphany during the pandemic, as Bitcoin's resilience and performance in a time of global uncertainty caught his attention. This realisation sparked an aggressive acquisition strategy, starting with the company’s first purchase of 21,454 Bitcoins in August 2020.

MicroStrategy's Bitcoin acquisition tactic embodies a principle akin to dollar cost averaging, where consistent invest…