Microstrategy purchase additional $50M in bitcoin. Michael Saylor, CEO of MicroStrategy, revealed his company’s third bitcoin purchase on Twitter Friday night via SEC filings on the same day.
Saylor purchased 2,574 bitcoins for $50.0 million in cash, taking the treasury assets of the business intelligence firm to approximately 40,824 bitcoins. MicroStrategy first purchased $250 million in bitcoin (BTC, +0.47 percent) (BTC) on August 11. Followed by an additional BTC $175 million one month later.
The CEO 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 ETF – albeit an inefficient one.
[image: André François McKenzie]
