MicroStrategy Buys Additional $50M in Bitcoin
MicroStrategy CEO Michael Saylor announced his company’s third bitcoin purchase on Twitter Friday evening, per SEC filings the same day.
Saylor purchased 2,574 bitcoins for $50.0 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 ETF – albeit an inefficient one.
Leading U.S.-based cryptocurrency exchange Coinbase brokered MicroStrategy’s original bitcoin purchases, as CoinDesk previously reported.