MicroStrategy’s board of directors elected to make Bitcoin (BTC) the company’s primary reserve asset. The SEC disclosure stated that this may lead to the future expansion of the company’s cryptocurrency holdings beyond the original purchase 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 versus Nasdaq. Source: Trading Economics.
In the press release that accompanied the company’s original acquisition of Bitcoin, its CEO Michael J. Saylor was quoted saying:
“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