Michael Saylor, the billionaire executive chairman of MicroStrategy, has defied expectations with his big bet on Bitcoin. What was once seen as a risky move has now turned into a massive windfall for Saylor, with his holdings in the cryptocurrency and MicroStrategy stock skyrocketing in value.
According to filings with the Securities and Exchange Commission, Saylor has made $370 million so far this year by selling hundreds of thousands of company shares through a stock-sale plan. But the real gains come from his massive paper profits. The combination of Saylor’s total MicroStrategy shares and his personal Bitcoin holdings are now worth approximately $3.49 billion, with gains of about 60% since the start of this year.
MicroStrategy’s stock has surged alongside Bitcoin’s rise, with shares up 86% since January. Saylor, once a crypto skeptic turned believer, has made MicroStrategy a proxy for Bitcoin’s success by buying billions of dollars worth of the token over the past four years. The company now owns more than 214,000 Bitcoin, worth about $13.7 billion at current prices.
Despite facing obstacles in the past, including a major accounting scandal in 2000 that cost him $6 billion in a single day, Saylor has remained dedicated to his vision. Even when his Bitcoin moves were criticized as risky, Saylor stayed the course and is now reaping the rewards.
With his net worth nearing $4 billion, Saylor remains confident in his strategy. As spot Bitcoin ETFs are approved by the SEC, Saylor believes that MicroStrategy’s plan to be the go-to proxy for Bitcoin will continue to pay off. With his newfound millions, Saylor is unfazed by any doubts, stating, “Is there any company in the world that you wouldn’t like to invest in that could borrow $1 billion at less than 1% interest to invest in your best idea?”