MicroStrategy CEO Michael Saylor announced his company’s third bitcoin purchase on Twitter Friday evening, per Securities and Exchange Commission filings the same day.

  • Saylor purchased 2,574 bitcoins for $50 million in cash, bringing the business intelligence company's treasury holdings to approximately 40,824 bitcoins.
  • MicroStrategy first bought $250 million in bitcoin (BTC) on Aug. 11. followed by an additional $175 million worth of BTC one month later.
  • Saylor said the latest purchase is part of MicroStrategy's treasury reserve policy of eschewing inflation-prone cash for bitcoin. The 55-year-old executive heralds bitcoin as the "most rational" vessel for value storage anywhere in the world.
  • MSTR shares have soared 170% since Saylor first hinted the firm's interest in BTC in late July 2020. Some now call the company a de-facto bitcoin exchange-traded fund – albeit an inefficient one.
  • Leading U.S.-based cryptocurrency exchange Coinbase brokered MicroStrategy's original bitcoin purchases, as CoinDesk previously reported.
MicroStrategy BTC purchases in 2020
Source: MicroStrategy, CoinDesk Research

Read more about...

MicroStrategy
Disclosure
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.