BITO - MicroStrategy's new CEO says company's stock is 'unique' bitcoin software proxy

Phong Le, the newly appointed CEO of software analytics firm and bitcoin ( BTC-USD ) HODLer MicroStrategy ( NASDAQ: MSTR ), said Tuesday that the company's stock is a unique vehicle for investors that want exposure in bitcoin and enterprise software.

"We're about as unique as they get," Phong said during the Canaccord Genuity 42nd Annual Growth Conference . MicroStrategy ( MSTR ) has a "healthy operating software business that has high recurring revenue since its transition to the cloud," and "then you get access to 129K bitcoin."

Pong laid out some of the advantages of using MicroStrategy ( MSTR ) shares as a proxy of bitcoin's price action. If one were to gain exposure to bitcoin ( BTC-USD ) via a spot bitcoin ETF, for example, "you don't get the incremental bitcoin that can come out of that and the incremental cash flow from our operating business, or our ability to access capital markets."

Of course, "there's also really no fee associated with it [MSTR]," Phong added. "If you were to buy other bitcoin-like vehicles like GBTC ( OTC:GBTC ) or some things like that, there's an inherent fee associated."

Looking at the chart below , it's clear that MicroStrategy ( MSTR ) stock and the price of bitcoin ( BTC-USD ) have shared a strong relationship at least in the past year. Recall the company held $1.99B worth of bitcoin ( BTC-USD ) on its balance sheet at June 30, down from $2.9B at December 31, 2021.

Some other popular BTC proxies: ProShares Bitcoin Strategy ETF ( BITO ), Osprey Bitcoin Trust ( OTCPK:OBTC ), Valkyire Bitcoin Strategy ETF ( BTF ) and VanEck Bitcoin Strategy ETF ( XBTF ).

After MicroStrategy's Q2 earnings, Michael Saylor dropped his CEO role .

For further details see: