The world’s largest publicly traded enterprise intelligence firm MicroStrategy (Nasdaq: MSTR) has formally adopted Bitcoin (BTC) as its major reser
The world’s largest publicly traded enterprise intelligence firm MicroStrategy (Nasdaq: MSTR) has formally adopted Bitcoin (BTC) as its major reserve asset.
In a press launch issued on Aug. 11, MicroStrategy confirmed it had bought 21,454 BTC for $250 million.
MicroStrategy: Transfer “displays our perception in Bitcoin”
Michael J. Saylor, CEO of MicroStrategy, commented within the press launch:
“This funding displays our perception that Bitcoin, because the world’s most widely-adopted cryptocurrency, is a reliable retailer of worth and a horny funding asset with extra long-term appreciation potential than holding money.”
The transfer marks a watershed second for institutional uptake of Bitcoin, and didn’t go unnoticed by commentators.
“I prompt 6 months in the past, we are actually beginning to see companies proudly owning Bitcoin as a marketable safety on their steadiness sheet,” well-known commentator Preston Pysh responded on Twitter.
“MicroStrategy Adopts Bitcoin as Main Treasury Reserve Asset. Simply. Getting. Began.”
1-month MSTR inventory worth efficiency. Supply: Nasdaq
Initially introduced on July 28, the transfer has nonetheless had a noticeable affect on MicroStrategy’s inventory worth, which has gained 5.7% since.
Barry Silbert, CEO of crypto funding large Grayscale, additionally praised the corporate’s resolution.
He tweeted:
“MicroStrategy, a $1.2 billion firm, simply turned itself right into a publicly-traded bitcoin play. Sensible.”