Billion-dollar business intelligence software firm MicroStrategy made waves last month when it announced to shareholders that it might invest up to $250 million in Bitcoin over the following 12 months… and then just days later, went ahead and did it.
MicroStrategy’s purchase of 21,454 BTC ($229 million as of this writing) was a signal to other public companies that BitcoinBitcoin could be used as a serious reserve asset. And now, the company suggests that it may increase its Bitcoin holdings in the future.
In a filing with the US Securities and Exchange Commission on Friday, the company noted that its board of directors has updated the company’s treasury reserve policy. The new policy notes that aside from cash, cash equivalents, and short-term investments, Bitcoin will now serve as the company’s primary reserve asset.
“As a result of this new policy, the company’s holdings of Bitcoin may increase beyond the $250 million investment that the company disclosed on August 11, 2020,” reads the statement.
MicroStrategy might not be making any promises here, but after dropping a quarter of a million dollars into Bitcoin just a month ago, it’s clear that the firm isn’t second-guessing that decision—even with the recent downward movement for the price of Bitcoin and other top cryptocrypto assets.
Initially, MicroStrategy leadership said that it was considering Bitcoin and other crypto assets due to what they saw as a weakening US dollar, given low Western interest rates and the impact of the United States’ stimulus response to the COVID-19 pandemic. Days later, the purchase was announced.
Correction: An initial version of this article said the investment was $250,000. We regret the error.
Business analytics firm MicroStrategy has made a $250 million investment in Bitcoin, while endorsing the cryptocurrency as a superior asset class. The firm puchased 21,454 Bitcoin as part of a capital allocation strategy.
"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 mor...
"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," said MicroStrategy CEO Michael Saylor in August. "MicroStrategy has recognized Bitcoin as a legitimate investment asset that can be superior to cash and accordingly has made Bitcoin the principal holding in its treasury reserve strategy.”
Interestingly, Saylor’s announcement is an about-face. Back in 2013, he predicted the death of Bitcoin, tweeting, “Bitcoin days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling.”
#Bitcoin days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling.
Bitcoin is on a historic run, setting a new all-time high above $122,000 just last week. Can Bitcoin bulls keep the momentum going?
At the moment, Bitcoin sits just below $120,000, and the question before traders on the Myriad prediction market is: Can Bitcoin hold above $120,000 by the end of the week?
On Myriad, a prediction market developed by Decrypt’s parent company Dastan, traders are almost evenly split, but lean slightly bearish, placing the odds at just 47% that BTC holds above the psyc...
The dick pic epidemic might finally have a cure, and it's not another reporting button or blocking feature. It's an AI sex coach.
New data from dating app Flirtini reveals that 78% of women have received unsolicited nudes from people they've just matched with. One in six women surveyed said they're simply exhausted from the constant barrage of genital photography flooding their inboxes.
Putting aside the claim that only one in six of women is sick of dick pics, the company has a solution: An AI...
BitMine Immersion shares were up slightly in Tuesday trading, a day after Cathie Wood's ARK Invest purchased $182 million of the Ethereum treasury company's stock, among the latest evidence of the rising interest in ETH-focused investments.
BitMine Immersion (BMNR) was trading at about $40.77 per share, according to Yahoo Finance, rising more than 3% on the day. The company's share price has spiked 827% over the past month as the Peter Thiel-backed company has plowed into its Ethereum accumulati...