After $250 Million Bitcoin Buy, MicroStrategy Eyes More

CRYPTONAIRE WEEKLY

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After $250 Million Bitcoin Buy, MicroStrategy Eyes More

Billion-dollar business intelligence software firm MicroStrategy made waves last month when it announced to shareholders that it might invest up to $250 million in Bitcoin over the following 12 months… and then just days later, went ahead and did it.

MicroStrategy’s purchase of 21,454 BTC ($229 million as of this writing) was a signal to other public companies that Bitcoin could be used as a serious reserve asset. And now, the company suggests that it may increase its Bitcoin holdings in the future.

In a filing with the US Securities and Exchange Commission on Friday, the company noted that its board of directors has updated the company’s treasury reserve policy. The new policy notes that aside from cash, cash equivalents, and short-term investments, Bitcoin will now serve as the company’s primary reserve asset.

“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,” reads the statement.

MicroStrategy might not be making any promises here, but after dropping a quarter of a million dollars into Bitcoin just a month ago, it’s clear that the firm isn’t second-guessing that decision—even with the recent downward movement for the price of Bitcoin and other top crypto assets. Read more...