Now Bitcoin is The Primary Reserve Currency for Microstrategy, it holdings may rise beyond $250M
MicroStrategy has exceeded the Nasdaq since purchasing BTC. Right now, it's doubling down.
Bitcoin was selected by Microstrategy's board of directors to be the business's primary reserve asset.
MicroStrategy’s board of directors elected to make Bitcoin (BTC) the company’s primary reserve asset. The US Securities and Exchange Commission revelation said that this may guide to the future expansion of the firm's cryptocurrency holdings beyond the original investment of 21,454 BTC, equivalent to $250 million:
“Bitcoin serving as the primary treasury reserve asset on an ongoing basis, subject to market conditions and anticipated needs of the business for Cash Assets, including future potential share repurchase activity. 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.”
MicroStrategy's CEO Michael J. Saylor was quoted in the press statement that accompanied the company’s original acquisition of Bitcoin:
“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.”
The movement has already made a slew of copycats, with smaller firms of every shape making comparable publications. It should be said that MicroStrategy sold a domain to Block.one in 2019 for $30 million. Maybe this presented the business's leadership gratitude for the worth of cryptocurrency. Some of the earth's largest institutional investors have a stake in the business. This may show how much more acceptable Bitcoin has grown on Wall Street in the last few years.
After making its first Bitcoin purchase a month ago, MicroStrategy has exceeded the Nasdaq composite index.
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