Microstrategy adopts Bitcoin as primary reserve asset - invests $250M USD (Buys 21K Bitcoin)

thevideoguy

Regular Member
Joined
Sep 25, 2017
Messages
398
Reaction score
492
The world’s largest publicly traded business intelligence company MicroStrategy (Nasdaq: MSTR) has formally adopted Bitcoin (BTC) as its primary reserve asset.

In a press release issued on Aug. 11, MicroStrategy confirmed it had purchased 21,454 BTC for $250 million.

MicroStrategy: Move “reflects our belief in Bitcoin”

Michael J. Saylor, CEO of MicroStrategy, commented in the press release:

“This investment reflects our belief that Bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.”

The move marks a watershed moment for institutional uptake of Bitcoin, and did not go unnoticed by commentators.

“I suggested 6 months ago, we are now starting to see businesses owning Bitcoin as a marketable security on their balance sheet,” well-known commentator Preston Pysh responded on Twitter.

“MicroStrategy Adopts Bitcoin as Primary Treasury Reserve Asset. Just. Getting. Started.”

Originally announced on July 28, the move has nonetheless had a noticeable impact on MicroStrategy’s stock price, which has gained 5.7% since. At the same time, the price of Bitcoin has gained over 10%.

Source: https://cointelegraph.com/news/worlds-biggest-business-intelligence-firm-buys-21k-btc-for-250m
 

Xdfffninja

Senior Member
Joined
Jan 13, 2019
Messages
917
Reaction score
1,531
This is a risky thingy to me. I wish them luck though.
 

bestspinner

Regular Member
Joined
Apr 23, 2019
Messages
436
Reaction score
273
Website
ceksite.com
according to the news they bought it on July 28, meaning that the funds had increased by about 10%.
 

thevideoguy

Regular Member
Joined
Sep 25, 2017
Messages
398
Reaction score
492
If they have brought now then bad it’s already high, if they brought at 8 or 9k then excellent
Based on the amount of money spent and number of Bitcoins purchased, they paid $11652 USD per Bitcoin including fees.

I think in the long run Bitcoin will be worth much more then it is today and it will have been a better store of value then cash or gold, and I think that a lot more companies sitting on a lot of cash will allocate a portion of that to Bitcoin as a hedge, just like they have previously done with gold.
 
Top