MicroStratey (Nasdaq: MSTR), the largest listed business intelligence firm, has officially adopted Bitcoin (BTC) as its main reserve asset. In a media release issued yesterday, MicroStrategy affirmed that it had bought 21,454 BTC for $250 million.
Michael Saylor, CEO of MicroStrategy, has explained the decision to hold Bitcoin (BTC):
“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.”
The initiative is a notable event that could inspire further institutional investment in Bitcoin and crypto enthusiasts were quick to comment on the development:
Popular commentator Preston Pysh tweeted as follows:
“I suggested 6 months ago, we are now starting to see businesses owning Bitcoin as a marketable security on their balance sheet.”
“MicroStrategy Adopts Bitcoin as Primary Treasury Reserve Asset. Just. Getting. Started.”
Barry Silbert, CEO of prominent crypto investment company Grayscale, also appreciated the company’s plan.
The initiative was actually announced on July 28, but did have a significant effect on MicroStrategy’s stock price, which has appreciated by 5.7% from that point in time. Bitcoin has gained 10% during the same period.
He tweeted:
MicroStrategy, a $1.2 billion company, just turned itself into a publicly-traded bitcoin play. Smart https://t.co/tCXiAVc8w7
— Barry Silbert (@barrysilbert) August 11, 2020
