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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.
- 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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Investors turn to HYPE and XRP funds while dumping bitcoin and ether ETFs.
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- Investors yanked over $1 billion from bitcoin ETFs last week and over $215 million from ether funds, signaling waning appetite for broad large-cap crypto exposure.
- Instead, the capital is rotating into select altcoins, with new HYPE spot products drawing about $72 million and XRP and SOL ETFs attracting $22 million...
