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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.
MicroStrategy CEO Michael Saylor announced his company's third bitcoin purchase on Twitter Friday evening, per Securities and Exchange Commission filings the same day.
STORY CONTINUES BELOW
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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.
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
Zack Voell
Zack Voell is a financial writer with extensive experience in cryptocurrency research and technical writing. He has previously worked with leading cryptocurrency data and technology firms, including Messari and Blockstream. His work (and tweets) has appeared in The New York Times, Financial Times, The Independent and more. He owns bitcoin.
