MicroStrategy Buys Additional $50M in Bitcoin
MicroStrategy's share prices have increased over 170% since the company first announced its interest in bitcoin in July.
Dec 4, 2020 at 10:59 p.m. UTCUpdated Mar 2, 2023 at 9:47 p.m. UTC
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MicroStrategy CEO Michael Saylor announced his company's third bitcoin purchase on Twitter Friday evening, per Securities and Exchange Commission filings the same day.
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- Saylor purchased 2,574 bitcoins for $50 million in cash, bringing the business intelligence company's treasury holdings to approximately 40,824 bitcoins.
- MicroStrategy first bought $250 million in bitcoin (BTC) on Aug. 11. followed by an additional $175 million worth of BTC one month later.
- Saylor said the latest purchase is part of MicroStrategy's treasury reserve policy of eschewing inflation-prone cash for bitcoin. The 55-year-old executive heralds bitcoin as the "most rational" vessel for value storage anywhere in the world.
- MSTR shares have soared 170% since Saylor first hinted the firm's interest in BTC in late July 2020. Some now call the company a de-facto bitcoin exchange-traded fund – albeit an inefficient one.
- Leading U.S.-based cryptocurrency exchange Coinbase brokered MicroStrategy's original bitcoin purchases, as CoinDesk previously reported.
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