MicroStrategy Has $4.5 Billion in Bitcoin, But It Wants More
updated on:26 Feb 2021
Even though MicroStrategy has recently invested yet another $1 billion in Bitcoin (BTC), it doesn’t plan to stop any time soon, according to the firm’s statement published yesterday.
“We will continue to pursue our strategy of acquiring bitcoin with excess cash and we may from time to time, subject to market conditions, issue debt or equity securities in capital raising transactions with the objective of using the proceeds to purchase additional bitcoin,” said
Thanks to its massive Bitcoin purchases, the company has arguably helped pave the way for institutional investments in crypto, with many traditional firms subsequently announcing plans to buy Bitcoin and other cryptocurrencies for their treasuries.
Perhaps the most notable example is electric car giant Tesla, which invested $1.5 billion in Bitcoin two months after MicroStrategy—after Saylor offered to share his Bitcoin playbook with CEO Elon Musk.
Yes. I have purchased over $1.3 billion in #BTC in past months & would be happy to share my playbook with you offline - from one rocket scientist to another.
— Michael Saylor (@michael_saylor) December 20, 2020
Daniel Pinto, co-president and COO of multinational investment bank JP Morgan, has recently confirmed that if Bitcoin and other cryptocurrencies become widespread, the bank will have no choice but to get involved with them.Microstrategy CEO Michael Saylor.MicroStrategy’s Bitcoin adventure
MicroStrategy first began exploring Bitcoin as an investment last summer, when the company bought $425 million worth of BTC in August and September. By the end of the year, its Bitcoin investments exceeded $1.125 billion.
“As of December 21, 2020, the Company holds an aggregate of approximately 70,470 bitcoins, which were acquired at an aggregate purchase price of approximately $1.125 billion and an average purchase price of approximately $15,964 per bitcoin, inclusive of fees and expenses,” MicroStrategy reported at the time.
Share this Blog with your friends
Bitcoin 'Doesn’t Fulfill Basic Properties of Money': ECB Board Member
updated on:10 Apr 2021
Isabel Schnabel, Member of the Executive Board of the European Central Bank (ECB), has described Bit
Bitcoin ETF Approval Will Happen: Morgan Creek’s Mark Yusko
updated on:9 Apr 2021
Morgan Creek Capital Management CEO Mark Yusko has expressed his confidence that a Bitcoin ETF will
Ukrainian Officials Own $2.67 Billion in Bitcoin: Report
updated on:9 Apr 2021
Civil servants and officials in Ukraine are holding a significant amount of Bitcoin (BTC) and other
JP Morgan's Jaime Dimon: Bitcoin Regulation a ‘Serious Emerging Issue’
updated on:8 Apr 2021
The legal and regulatory status of Bitcoin and other cryptocurrencies is something that needs to be
Bitcoin Toys With $60k, BNB Hits All-Time High and Ethereum Creeps Past $2,000
updated on:3 Apr 2021
It’s all systems go for the crypto market. Binance Coin hit a new all-time high of $3