MicroStrategy Shares Rise After Firm Reveals Plans to Sell Convertible Debt to Buy More Bitcoin
- MicroStrategy CEO Michael Saylor told CNBC on Tuesday that bitcoin is not the only cryptocurrency that can have a bright future.
- Different cryptocurrencies have different purposes, Saylor said.
- "I think that as the market starts to understand these things, there's a place for everybody," he said.
MicroStrategy CEO Michael Saylor told CNBC on Tuesday he sees a bright future for a range of cryptocurrencies, not just bitcoin.
Saylor, one of the most vocal bitcoin proponents, has over the past year raised the profile of his enterprise software company by investing heavily in the world's largest cryptocurrency by market value.
Get top local stories in DFW delivered to you every morning. Sign up for NBC DFW's News Headlines newsletter.
In an interview Tuesday on "Fast Money," Saylor said different cryptocurrencies serve different purposes, but it might take time for newcomers to the digital asset space to recognize those distinctions.
For example, Saylor said, he sees bitcoin as "digital property" and a store of value, while ether and the Ethereum blockchain seek to disrupt traditional finance.
"You're going to want to build your buildings on a solid footing of granite, so bitcoin is made to last forever — high integrity, very durable. Ethereum is trying to dematerialize exchanges and the finance establishment," Saylor said. "I think that as the market starts to understand these things, there's a place for everybody."
Money Report
MicroStrategy announced Monday that it recently completed a debt offering with the intention of using proceeds to buy more bitcoin.
The company also said Monday it is launching a program to sell $1 billion worth of additional stock over time. Saylor told CNBC the firm could use money from the stock offering to purchase bitcoin, to retire debt or for general corporate purposes.
Shares of MicroStrategy are up about 62% so far this year and more than 400% in the past 12 months.
The stock closed Tuesday at $630.54, up more than 5% on the session. In February, it set a 52-week high when it traded above $1,300.
