MicroStrategy verifies that it has made Bitcoin its first treasury reserve asset as institutional uptake takes a tense bullish step ahead.
The world’s biggest publicly traded business intelligence company MicroStrategy (Nasdaq: MSTR) has formally selected Bitcoin (BTC) as its primary reserve asset.
MicroStrategy confirmed on August 11 that it had bought 21,454 BTC for $250 million.
MicroStrategy: Move “reflects our belief in Bitcoin”
CEO of MicroStrategy, Michael J. Saylor, said in the press statement:
“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 progress marks a watershed moment for institutional uptake of Bitcoin and did not go ignored by critics.
“I suggested 6 months ago, we are now starting to see businesses owning Bitcoin as a marketable security on their balance sheet,” famous commentator Preston Pysh replied on Twitter.
“MicroStrategy Adopts Bitcoin as Primary Treasury Reserve Asset. Just. Getting. Started.”
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