MicroStrategy Continues Stacking Sats, This Time Buying 2,574 Bitcoins
On Friday (December 4), Michael J. Saylor, Co-Founder, Chairman, and CEO of Nasdaq-listed business intelligence company MicroStrategy Inc., disclosed that his firm had bought 2,574 bitcoins for $50.0 million in cash bringing the company's treasury holdings to approximately 40,824 bitcoins.
On August 11, MicroStrategy announced their first bitcoin purchase in a press release that said the firm had “purchased 21,454 bitcoins at an aggregate purchase price of $250 million” to use as a “primary treasury reserve asset.” MicroStrategy's shares have risen $170% since Saylor first hinted the firm's interest in BTC in late July 2020.
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.
