MicroStrategy founder Michael Saylor speaks at the Bitcoin 2021 Conference in Miami on June 4, 2021.
CFOTO | Nurphoto | Getty Images
MicroStrategy, the software company turned “bitcoin development” firm unveiled a new name and logo ahead of its fourth-quarter earnings report.
Going forward, the bitcoin proxy will now be called Strategy, the company said in a press release Wednesday. The revamp comes with a new bitcoin logo and orange brand color, as well as an online merchandise store.
A spokesperson for Strategy did not immediately respond to a request for comment. Michael Saylor, the co-founder and executive chairman, is expected to discuss the rebrand on the company’s earnings call Wednesday evening.
Strategy first launched as a provider of enterprise software. Last year, the company said it would shift its focus and brand to “bitcoin development.” The firm employed an aggressive bitcoin-buying strategy in 2020, and its shares have since primarily traded as a proxy for the crypto’s price. In the past year, Strategy became more aggressive in its approach, raising billions of dollars through the sale of convertible bonds for the sole purpose of buying more bitcoin.
Investors compared Strategy to meme stocks following the election, as the company piled into bitcoin on a weekly basis even as the flagship cryptocurrency hit record after record. Since President Donald Trump won the election, bitcoin has surged nearly 40%, while Strategy shares have popped 50%.
Strategy currently holds 471,107 bitcoins on its balance sheet. It’s the largest corporate holder of the cryptocurrency in the world.
Shares of Strategy were last lower by roughly 2% in afternoon trading.