World’s largest business intelligence company buys 21,000 Bitcoin for $250 million

The world’s largest publicly traded business intelligence company, MicroStrategy (Nasdaq: MSTR), has formally adopted Bitcoin (BTC) as its primary reserve asset.

In a press release issued on August 11, MicroStrategy confirmed that it had purchased 21,454 BTCs for $250 million.

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MicroStrategy: This „reflects our belief in Bitcoin.

Michael J. Saylor, CEO of MicroStrategy, commented in the press release:

„This investment reflects our belief that Bitcoin, as the world’s most widely adopted crypto-currency, is a reliable store of value and an attractive investment asset with long-term appreciation potential beyond the possession of cash.

The action marks a turning point for Bitcoin’s institutional adoption, and it did not go unnoticed by commentators.

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„I suggested this 6 months ago, now we are starting to see the companies that own Bitcoin as a commercial value on their balance sheet,“ responded well-known commentator Preston Pysh on Twitter.

„MicroStrategy is adopting Bitcoin as the treasury’s primary reserve asset. Alone. We are. Starting.“

Originally announced on July 28, the measure has, however, had a significant impact on MicroStrategy’s share price, which has risen by 5.7% since then. At the same time, the price of Bitcoin has gained more than 10%.

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Barry Silbert, CEO of crypto-investment giant Grayscale, also praised the company’s decision.

He tweeted:

„MicroStrategy, a $1.2 billion company, has just become a publicly traded Bitcoin company. Smart.“