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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.
Updated Mar 6, 2023, 3:31 p.m. Published Dec 4, 2020, 10:59 p.m. 1 min read
MicroStrategy CEO Michael Saylor announced his company's third bitcoin purchase on Twitter Friday evening, per Securities and Exchange Commission filings the same day.
- 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 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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U.S.-listed spot bitcoin exchange-traded funds have seen more than $2.26 billion in outflows over the past two weeks.
What to know:
- Bitcoin has fallen to about $74,300, more than 10% below its early May peak, as rising U.S. and global bond yields sap demand for riskier, zero-yield assets.
- U.S.-listed spot bitcoin exchange-traded funds have seen more than $2.26 billion in outflows over the past two weeks.
- Speculative capital focuses on commodities...
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