MicroStrategy’s Stock Continues to Soar After Bitcoin Purchase

MicroStrategy’s Stock Continues to Soar After Bitcoin Purchase

On Tuesday, the NASDAQ-listed business services company MicroStrategy bought $175 million worth of Bitcoin. This came just weeks after the company siphoned $250 million into the leading cryptocurrency, citing its ability to act as a reserve asset better than U.S. dollars. At the time, company chief executive Michael J. Saylor said:

“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.”

This was a stark reversal from Saylor’s previous sentiment about the leading cryptocurrency. The executive said over five years ago that he thought Bitcoin was on its way out.

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Commenting on the latest purchase, Saylor said to crypto outlet CoinDesk that this was a concerted effort to make Bitcoin a reserve asset.

The market has rewarded MSTR’s purchase, despite them slightly being at a loss due to the purchase.

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