The American business intelligence company MicroStrategy bought bitcoins (BTC) for a third of a million dollars on Friday. This time, the amount invested was $ 50 million in cash, according to founder and CEO, Michael Saylor.
The director revealed through his Twitter account that the operation involved 2,574 bitcoins, confirming the company’s keen interest in investing in the first cryptocurrency.
MicroStrategy has purchased approximately 2,574 bitcoins for $ 50 million in cash, in accordance with its Treasury Reserve Policy, at an estimated average price of $ 19,427 per bitcoin. Now we have about 40,824 bitcoins ”, was the message spread Saylor on the social network that already has over 13,000 likes, 3,000 retweets and 1,000 comments.
The purchase of MicroStrategy was filed with the Securities and Exchange Commission (SEC), as the United States’ financial sector regulator, according to an attached document shared by Saylor. The text, also disclosed by the SEC on its website, is listed as signatory W. Ming Shao, who serves as MicroStrategy’s senior executive vice president and general counsel.
MicroStrategy’s new move is striking as the bitcoin price has been flirting with its all-time high for several weeks. In other words, the company doesn’t seem to be paying more attention to the price of the cryptocurrency in the market, but to collect bitcoins regardless of their price. At the time of this article’s publication, the price of BTC was at $ 19,083, according to the CriptoNoticias market index.
Multiplying the number of bitcoins acquired by the current price gives the company $ 780 million worth of BTC in its treasury.
MicroStrategy and its approach to bitcoin
The company began investing in bitcoin in August of this year, acquiring a total of 21,454 BTC at a cost of $ 250 million. A month later, CriptoNoticias announced a second purchase, this time for 16,000 BTC and 175 million dollars. If you add up the amount invested this Friday, the company shows a global investment of $ 475 million.
Saylor himself has defended his stance on bitcoin, saying he already has global acceptance and demonstrates architectural resilience. To the executive, these elements are “compelling evidence of its superiority as an asset class for those looking for long-term value”.
So far, bitcoin operations have delivered good financial results for the company. In fact, in October, and given its first two purchases, the company made more profit from two months in bitcoin than in three years of offering its services.
The transaction MicroStrategy executed this Friday is in line with a rush of institutional investment in bitcoin. In the past 18 months, more companies have approached the bitcoiner ecosystem. Some of the companies that have made their bitcoin investments public include: Grayscale, Galaxy Digital, Square, and Stone Ridge Asset Management.