MicroStrategy Explored Options From Art to Real Estate Before Bitcoin Buys, New CEO Says

New MicroStrategy (MSTR) CEO Phong Le backed up Michael Saylor’s decision to hold bitcoin on its balance sheet.

Speaking Tuesday at Canaccord Genuity’s growth conference, Le said that prior to first purchasing bitcoin (BTC) in August 2020, MicroStrategy explored options including treasury paper, corporate bonds, gold, commodities, real estate, and even artwork.

Read more: Michael Saylor Lost Big in the Dot-Com Bubble and Bitcoin’s Crash. Now He Aims to Rebound Again

Digital assets, however, kept popping into management’s conversations, said Le. “We at our core are inventors, we’re innovators,” said Le, helping explain why bitcoin won out.

Le reminded that MicroStrategy in Sept. 2020 ran a Dutch Auction tender, offering those investors not interested in the bitcoin strategy a way out via a 15% premium to the current stock price. Only $60 million in stock was tendered, said Le, far short of the $250 million the company had expected.

Le said the bitcoin strategy has boosted shares and trading volume, and helped transition MicroStrategy from solely being a “sleepy software company.”

The company now owns just over 129,000 bitcoins, or nearly $3 billion worth at the current price of $23,000.

Le was moved into the CEO spot at MicroStrategy last week after Michael Saylor exited that role to assume the title of executive chairman, with sole focus on the bitcoin strategy.

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