MicroStrategy CFO says bitcoin investments are a duty for tech firms

Technology companies should add the first cryptocurrency as a reserve asset — it is their direct obligation. This view was voiced by MicroStrategy Chief Financial Officer Phong Le, writes CoinDesk.

«If you are not putting any of [free liquidity] into bitcoin, you are not fulfilling your fiduciary duty. You are not maximising shareholder value», — said the executive.

According to Le, the obligation primarily falls on companies offering financial products based on digital gold.

«To earn trust, you must go all-in — add bitcoin to your balance sheet. You do not necessarily need to move the entire reserve», — he explained.

As of May 25, 2021, MicroStrategy owned 92,079 BTC worth more than $3.4 billion. Their average purchase price was $24,450.

According to Bitcoin Treasuries, the share of bitcoin reserves in the market capitalization of the software vendor stands at 74%.

In August 2020, MicroStrategy became the first among public companies to invest in bitcoin. Later, the company’s board of directors approved a policy to ramp up investments in the first cryptocurrency using cash reserves.

In October last year, MicroStrategy CEO Michael Saylor stated that he plans to hold digital gold for 100 years. 

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