1,400 sign up for MicroStrategy’s corporate Bitcoin-buying bootcamp
Leading global business intelligence firm MicroStrategy is hosting an online seminar this week to explain the legal considerations for firms seeking to integrate Bitcoin into their businesses and reserves.
A Feb. 3 tweet from MicroStrategy CEO, Michael Saylor, said that representatives of more than 1,400 firms have already signed up for the event — which is dubbed “Bitcoin for Corporations: Legal Considerations.”
If you are interested in the legal considerations firms face while integrating #Bitcoin into their corporate strategy, you are not alone. We have professionals from more than 1400 firms joining us tomorrow for this discussion. There is still time for your legal team to attend. https://t.co/fid9nrZUfP
— Michael Saylor (@michael_saylor) February 2, 2021
The seminar will take place on Feb. 3 and Feb. 4, with five one-hour sessions scheduled for the first day, and twice as many 30-minute sessions slated for the second.
The first day will feature presentations from Saylor, the firm’s president and CFO Phong Le, along with representatives of legal firms specializing in digital assets. The topics discussed will include strategies for incorporating Bitcoin into treasury reserves and related questions regarding the accounting, tax, legal, and auditing considerations for firms who pursue this strategy.
The second day will feature presentations from top crypto exchanges and fund managers, including Coinbase, Binance, Grayscale, and Galaxy Digital.
In August, MicroStrategy made headlines after revealing it had purchased 21,000 BTC for $250 million. The following month, Saylor announced the firm had purchased an additional 16,796 Bitcoin for $175 million, with the firm continuously purchasing roughly 0.19 BTC every three seconds over 74 hours to complete the transaction.
In December, MicroStrategy issued $650 million worth of bonds which were quickly mobilized to purchase 29,646 BTC. The firm purchased an additional 314 Bitcoin for $10 million in late January, and a further 295 BTC for $10 million this week, bringing its Bitcoin reserves up to 71,079 BTC, or 0.38% of Bitcoin’s circulating supply.
While MicroStrategy paid $1.095 billion to accumulate its BTC holdings, current prices value the stash at $2.57 billion — a gain of 135%.
Despite the firm’s rampant Bitcoin accumulation leading to its shares being downgraded by Citigroup on Dec. 8, its stock has since rallied by 113%.
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