Microstrategy Boosts Portfolio To $425M In BTC
MicroStrategy boosted the Bitcoin adoption lately and now the company continues to make great moves in this direction.
It’s been revealed that the largest publicly traded business intelligence company, just purchased an additional $175 million worth of Bitcoin – this means that their overall BTC purchase total has been brought to a whopping $425 million.
MicroStrategy bought 38,250 BTC
Michael Saylor, MicroStrategy’s chief executive, said that the company has now purchased 38,250 Bitcoin in total.
On September 14, 2020, MicroStrategy completed its acquisition of 16,796 additional bitcoins at an aggregate purchase price of $175 million. To date, we have purchased a total of 38,250 bitcoins at an aggregate purchase price of $425 million, inclusive of fees and expenses.
— Michael Saylor (@michael_saylor) September 15, 2020
Hodlonaut, the famous trader, hopped in the comments and said: “You are a badass, sir. You must be smiling, stacking all those sats, at this price, in this world. Kudos.”
Someone else commented “Single greatest financial decision of all time by a public company, hands down not even close. World-changing. MicroStrategy will be a key institution of the digital age now. Who could have guessed?”
You may recall that MicroStrategy announced its initial $250 million BTC investment in August, and they stated in a press release that Bitcoin is a better store of value asset class compared to fiat currencies.
This is especially during the world crisis in the middle of which we are these days.
The firm now views Bitcoin as “the principal holding in its treasury reserve strategy.”
BTC is a long-term, multi-generational investment
Saylor told CoinDesk that the $425 million BTC buy is a long-term, multi-generational investment.
“This is not a speculation, nor is it a hedge. This was a deliberate corporate strategy to adopt a Bitcoin standard.”
At the moment of writing this article, Bitcoin is trading in the red and the king coin is priced at $10,924.90.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.