NewsBusiness

MicroStrategy Buys Another 16,800 Bitcoin—Worth $183 Million

The purchase is part of the business intelligence firm’s ongoing pivot to cryptocurrencies.

2 min read
Software firm Microstrategy went all in on Bitcoin. Image: Shutterstock

In brief

  • MicroStrategy has announced a purchase of over 16,000 Bitcoin.
  • The purchase is part of the firm's wider cryptocurrency investment strategy.
  • To date, the firm has spent over $400 million on Bitcoin.

Microstrategy, a business intelligence firm, acquired a further 16,796 Bitcoin yesterday, as it invests more heavily in cryptocurrencies. This comes after the firm made a large initial investment in Bitcoin last month.

“On September 14, 2020, MicroStrategy completed its acquisition of 16,796 additional bitcoins at an aggregate price of $175 million,” Michael Saylor, CEO of MicroStrategy said in a tweet

In August, MicroStrategy announced the purchase of 21,454 Bitcoin, at a price of $250 million. The firm’s acquisitions are directly in line with its investment strategy, which describes Bitcoin as a superior asset class.

“To date, we have purchased a total of 38,250 bitcoins at an aggregate purchase price of $425 million, inclusive of fees and expenses,” Saylor added in his tweet. 

In 2012, Saylor wrote about the Mobile Wave, which discussed the impact mobile computing had on business and politics. The firm then reportedly pivoted to what was described as the Virtual Wave, which involved the “rapid dematerialization of products, services, and processes enabled by advances in technology and catalyzed by the COVID crisis.”

This latest Bitcoin acquisition is guided by the firm’s confidence that Bitcoin is set up to succeed during this period. “Bitcoin is digital gold - harder, stronger, faster, and smarter than any money that has preceded it,” Saylor said

In addition, Saylor described Bitcoin has having multiple attractive features, including global acceptance, brand recognition and ecosystem vitality, to name a few. 

However, he hasn't always felt this way. In 2013, he tweeted, "Bitcoin days are numbered." Quite a change of tune.

Copy article link

Want to be a crypto expert? Get the best of Decrypt straight to your inbox.

Get the biggest crypto news stories + weekly roundups and more!