Bitcoin News

MicroStrategy Buys 2574 Bitcoins For $50.0 Mln In Cash.

The CEO of MicroStrategy, Michael Saylor, revealed his company’s third Bitcoin [BTC] purchase on Twitter today, per SEC filings the same day.

Saylor purchased 2,574 Bitcoins for $50.0 Mln in cash bringing the business intelligence company’s treasury holdings to approximately 40,824 bitcoins.

MicroStrategy first bought $250 Mln in Bitcoin [BTC, -0.46%] on 11th Aug, followed by an additional $175 Mln worth of BTC one month later.

Saylor added that the newest purchase is a part of MicroStrategy’s treasury reserve policy of eschewing inflation-prone cash for Bitcoin. The 55-year-old executive heralds bitcoin as the “most rational” vessel for value storage anywhere within the world.

MSTR shares have soared 170% since Saylor first hinted at the firm’s interest in BTC earlier in July this year. Some now call the firm a de-facto bitcoin ETF – albeit an inefficient one.

Renowned United States-based cryptocurrency exchange Coinbase brokered MicroStrategy’s original bitcoin purchases, as reported earlier.

MicroStrategy Buys 2574 Bitcoins For $50.0 Mln In Cash.

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