The company has accumulated 40,824 BTC since it started its investments in Bitcoin. The Securities and Exchange Commission (SEC) received the notification about the operation.
In recent days, the American business intelligence company MicroStrategy made a third million-dollar purchase of Bitcoin (BTC). On this occasion, the firm invested the amount of USD 50 million in cash, according to its founder and CEO, Michael Saylor.
On his Twitter account, the executive revealed that they bought a total of 2,574 BTC. This confirms the great interest that the corporation has shown in investments in the pioneering cryptocurrency.
“MicroStrategy has purchased about 2,574 BTC for USD 50 million in cash, in accordance with its Treasury Reserve Policy, at an approximate average price of USD 19,427 per unit. Now we have about 40,824 BTC,” Saylor posted on the social network. The message already has more than 13,000 likes, 3,000 retweets, and 1,000 comments.
The Securities and Exchange Commission (SEC), as a regulator of the US financial sector, received the notification about MicroStrategy’s purchase, according to an attached document that Saylor shared. W. Ming Shao, who serves as MicroStrategy’s Senior Executive Vice President and General Counsel, appears as a signatory to the text that the SEC has also released on its website.
MicroStrategy’s strategy is striking as the price of Bitcoin has been flirting with its all-time high for several weeks. In other words, the company seems not to be paying much attention to the price of the cryptocurrency on the market but accumulating Bitcoin, regardless of its price. At the time of writing this article, the price of BTC remains above the USD 19,000 barrier.
By multiplying the amount of Bitcoin that MicroStrategy acquired by the current price, it is possible to determine that the company holds USD 780 million worth of BTC in its treasury.
MicroStrategy and its Approach to Bitcoin
In August, the corporation began to invest in Bitcoin by acquiring a total of 21,454 BTC for USD 250 million. A month later, they made a second purchase, this time of 16,000 BTC, for USD 175 million. When adding the last amount, the company exhibits a global investment of USD 475 million.
By saying that Bitcoin already has global acceptance and architectural resilience, Saylor himself proves that he defends his position on the pioneering cryptocurrency. The executive considers that these elements “are persuasive evidence of its superiority as an asset class for those who they are seeking a long-term store of value.”
Until now, operations with Bitcoin have brought good financial results to the company. MicroStrategy made more profit with Bitcoin in two months, taking into account the first two purchases, than with its service in three years.
The most recent transaction that MicroStrategy made is in line with growing institutional investment in Bitcoin. In the last 18 months, companies have become closer to the Bitcoin ecosystem. Those that have made their Bitcoin investments public include Grayscale, Galaxy Digital, Square, and Stone Ridge Asset Management.
By Alexander Salazar
