MicroStrategy continues its shopping spree; owns $783Mn in crypto

MicroStrategy continues its shopping spree; owns $783Mn in crypto

Post its recent purchase of $425 million worth of Bitcoin, the company has recently announced buying more Bitcoin worth USD 50 million as part of its capital allocation strategy.

The trend of crypto currency and bitcoins is still prevalent across various spheres of the globe. In one such instance, business intelligence company- MicroStrategy has recently announced making a purchase of approximately 2,574 Bitcoins for a valuation of USD 50 million in cash values in line with its Treasury Reserve Policy, at a price of USD 19,427 per Bitcoin. In fact, it has been reported that the company currently holds about 40,824 Bitcoins.

As per reliable reports, the company had first obtained 21,454 BTC for a purchase price of USD 250 million in August this year, nearly after a month of announcing that it had laid plans of adopting Bitcoin as a primary reserve asset. Post this, in September, MicroStrategy followed up on its primary investment with a purchase of USD 175 million of BTC. That said, the firm now has over USD 783 million worth of BTC in its stash.

Commenting on Bitcoin’s rising prominence as one of the valuable assets, CEO of MicroStrategy- Michael Saylor reportedly cited that current macroeconomic conditions are standing as an ideal environment for Bitcoins to emerge as potential assets around the world. It is a dematerialized monetary network and is currently at its nascent stage.

Saylor further added that the perfect time to invest in anything is when its big enough to be sure it’s going to work, which means more than USD 100 billion dollars.

Currently, as Bitcoin closes in on USD 20,000 and is moving toward an expansive adoption, MicroStrategy is observing its shares dwell up extravagantly ever since its decision to adopt Bitcoin as a reserve asset.

Source Credit: https://dailyhodl.com/2020/12/06/microstrategy-is-still-buying-bitcoin-company-now-owns-783-million-in-crypto/