MicroStrategy founder Michael Saylor speaks on the Bitcoin 2021 Convention in Miami on June 4, 2021.
CFOTO | Nurphoto | Getty Pictures
MicroStrategy, the software program firm turned “bitcoin improvement” agency unveiled a new title and brand forward of its fourth-quarter earnings report.
Going ahead, the bitcoin proxy will now be referred to as Strategy, the corporate mentioned in a press release Wednesday. The revamp comes with a new bitcoin brand and orange model coloration, in addition to an internet merchandise retailer.
A spokesperson for Strategy didn’t instantly reply to CNBC’s request for remark. Michael Saylor, the co-founder and govt chairman, is predicted to debate the rebrand on the corporate’s earnings name Wednesday night.
Strategy first launched as a supplier of enterprise software program. Final yr, the corporate mentioned it could shift its focus and model to “bitcoin improvement.” The agency employed an aggressive bitcoin-buying strategy in 2020, and its shares have since primarily traded as a proxy for the crypto’s value. Over the previous yr, Strategy turned extra aggressive in its method, elevating billions of {dollars} by means of the sale of convertible bonds for the only function of shopping for extra bitcoin.
Traders compared Strategy to meme stocks following the election, as the corporate piled into bitcoin on a weekly foundation even because the flagship cryptocurrency hit report after report. Since President Donald Trump received the election, bitcoin has surged almost 40%, whereas Strategy shares have popped 50%.
Strategy at the moment holds 471,107 bitcoins on its steadiness sheet. It’s the largest company holder of the cryptocurrency on this planet.
Shares of Strategy had been final decrease by roughly 2% in afternoon buying and selling.
