Before buying all that bitcoin, it was already one of the largest independent, publicly traded companies in its industry. In 2020, its revenue was nearly $480 million and it had an enviable 8.29% EBITDA (earnings before interest, taxes, depreciation and amortization) margin in the trailing 12 months before its first BTC purchase. When discussing the company’s position during the “UpOnly” podcast, Saylor said, “It’s profitable, that’s what we are. We love it, we’ll keep doing it. But you can’t really scale it.”
The Corporate Argument for Bitcoin
