MicroStrategy buys $250mn in Bitcoin

MicroStrategy purchased 21,454 bitcoin on Tuesday, pouring $250 million of its planned inflation-hedging funds into the digital currency.

Disclosing its bitcoin buy alongside an equivalent stock buyback in a Tuesday Securities and Exchange Commission filing, the Nasdaq-listed software firm worth over $1.2 billion, said the cryptocurrency provided a “reasonable hedge against inflation”.

According to CEO Michael J Saylor, this reflects the company’s belief that bitcoin, as the world’s most widely adopted cryptocurrency, is an attractive investment asset. Saylor also cited forces working to weaken fiat currencies—COVID-19, global quantitative easing measures, political and economic uncertainty.

In July, Saylor had promised shareholders that the publicly traded business intelligence firm would buy back $250 million in stock and invest an additional $250 million in gold and bitcoin over the next 12 months.

It is now clear that half of the $500 million bet turns entirely on bitcoin.

MicroStrategy purchased 21,454 bitcoin on Tuesday, pouring $250 million of its planned inflation-hedging funds into the digital currency.

Disclosing its bitcoin buy alongside an equivalent stock buyback in a Tuesday Securities and Exchange Commission filing, the Nasdaq-listed software firm worth over $1.2 billion, said the cryptocurrency provided a “reasonable hedge against inflation”.

According to CEO Michael J Saylor, this reflects the company’s belief that bitcoin, as the world’s most widely adopted cryptocurrency, is an attractive investment asset. Saylor also cited forces working to weaken fiat currencies—COVID-19, global quantitative easing measures, political and economic uncertainty.

In July, Saylor had promised shareholders that the publicly traded business intelligence firm would buy back $250 million in stock and invest an additional $250 million in gold and bitcoin over the next 12 months.

It is now clear that half of the $500 million bet turns entirely on bitcoin.

MicroStrategy purchased 21,454 bitcoin on Tuesday, pouring $250 million of its planned inflation-hedging funds into the digital currency.

Disclosing its bitcoin buy alongside an equivalent stock buyback in a Tuesday Securities and Exchange Commission filing, the Nasdaq-listed software firm worth over $1.2 billion, said the cryptocurrency provided a “reasonable hedge against inflation”.

According to CEO Michael J Saylor, this reflects the company’s belief that bitcoin, as the world’s most widely adopted cryptocurrency, is an attractive investment asset. Saylor also cited forces working to weaken fiat currencies—COVID-19, global quantitative easing measures, political and economic uncertainty.

In July, Saylor had promised shareholders that the publicly traded business intelligence firm would buy back $250 million in stock and invest an additional $250 million in gold and bitcoin over the next 12 months.

It is now clear that half of the $500 million bet turns entirely on bitcoin.

MicroStrategy purchased 21,454 bitcoin on Tuesday, pouring $250 million of its planned inflation-hedging funds into the digital currency.

Disclosing its bitcoin buy alongside an equivalent stock buyback in a Tuesday Securities and Exchange Commission filing, the Nasdaq-listed software firm worth over $1.2 billion, said the cryptocurrency provided a “reasonable hedge against inflation”.

According to CEO Michael J Saylor, this reflects the company’s belief that bitcoin, as the world’s most widely adopted cryptocurrency, is an attractive investment asset. Saylor also cited forces working to weaken fiat currencies—COVID-19, global quantitative easing measures, political and economic uncertainty.

In July, Saylor had promised shareholders that the publicly traded business intelligence firm would buy back $250 million in stock and invest an additional $250 million in gold and bitcoin over the next 12 months.

It is now clear that half of the $500 million bet turns entirely on bitcoin.