The Nasdaq-listed MicroStrategy has accumulated ever more bitcoin.
MicroStrategy CEO Michael J. Saylor, today, took to Twitter to announce that the company bought 16,796 additional bitcoins at an aggregate purchase price of $175 million on Sept 14, 2020.
With this latest addition, the company now owns a total of 38,250 bitcoins at an aggregate purchase price of $425 million.
This means MicroStrategy now owns 0.182% of all bitcoin supply.
Just last week, the billion-dollar software firm that became the first publicly listed company to replace its cash reserves with bitcoin revealed its intentions to dive deeper into the leading digital asset in its 8-k filing with SEC.
As part of its new policy, “the Company’s holdings of bitcoin may increase beyond the $250 million investment that the Company disclosed on August 11, 2020,’ it read.
The new policy involves the treasury reserve assets of the company consisting of bitcoin besides cash, cash equivalents, and short-term investments.
On Sept. 11, the company board officially recognized bitcoin as the “primary treasury reserve asset on an ongoing basis,” which is “subject to market conditions and anticipated needs of the business for Cash Assets, including future potential share repurchase activity.”
Last month, by transforming much of its cash reserves into Bitcoin, MicroStrategy became Wall Street’s most notable bitcoin bulls.
The decision to turn to Bitcoin has been in its search for yield in the current “low-interest rate environment,” Additionally, in the face of the debasement of the US dollar, the company recognized that traditional safe-haven assets, gold, and silver, along with bitcoin have been showing strength.
Saylor, at that time, called bitcoin “a dependable store of value and an attractive investment asset” that has more long-term price appreciation potential than holding cash.
Calling it a “reasonable hedge against inflation,” Saylor noted bitcoin as the harder, stronger, smarter, and faster than “any money that has preceded it.”
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