On Tuesday, Michael Saylor, founder and CEO of Microstrategy (NASDAQ:MSTR), announced that his company has purchased additional Bitcoin to the value of $175 million. This raises the company’s Bitcoin holdings to $425 Million.
This announcement comes a month after the company stated in a press release that they have purchased 21,454 Bitcoins, worth around a whopping $250 million (inclusive of fees and expenses).
“Our investment in Bitcoin is part of our new capital allocation strategy, which seeks to maximize long-term value for our shareholders,” said Saylor. He continued to say that, “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. Since its inception over a decade ago, Bitcoin has emerged as a significant addition to the global financial system, with characteristics that are useful to both individuals and institutions. MicroStrategy has recognized Bitcoin as a legitimate investment asset that can be superior to cash and accordingly has made Bitcoin the principal holding in its treasury reserve strategy.”
According to Global Crypto, other companies have followed Microstrategy’s lead by investing in Bitcoin. Global Crypto reported that the graphic software firm, Snappa, moved 40% of its cash reserves into Bitcoin, following Microstrategy’s Bitcoin purchase announcement.
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