MicroStrategy CEO Michael Saylor announced last week that the company had reinvested in Bitcoin. The $ 50 million purchase marks the third largest Bitcoin investment in the company’s history.
On December 4, Michael Saylor posted a tweet stating that publicly traded software company MicroStrategy had acquired an additional 2,574 Bitcoin
The Bitcoin rate amounted at that time to about 19,427 US dollars. Thus, the company is now in total ownership of approximately 40,824 Bitcoin.
The investment is unlikely to have surprised few. The company has already announced that it will reallocate its cash reserves to Bitcoin Up. The investments are „dependent on market conditions and business requirements“. The company announced Bitcoin investments worth millions in August and September 2020. At the time, it was a total of 38,240 BTC, valued at around $ 425 million. In 2013, MicroStrategy CEO Michael Saylor positioned himself as a clear opponent of Bitcoin and declared that cryptocurrency had no future for him:
Bitcoin’s days are numbered. It only seems like a matter of time before it suffers the same fate as online gambling
The BTC rate has risen sharply since then. While the price was $ 13,745 at the time of the first two investments, it is now over $ 19,000. The average cost of MicroStrategy is $ 11,635. Saylor stressed that the current investment is part of MicroStrategy’s Treasury Reserve policy . The aim is to „avoid inflation-prone cash for Bitcoin“.
In July 2020, the company’s CEO first expressed his interest in Bitcoin. Since then, MicroStrategy’s shares are up 170 percent.