Earlier this year, MicroStrategy made the news across the world when it became the first major, U.S. stock exchange-listed company to invest in Bitcoin. The Nasdaq-listed firm, whose shares trade under MSTR, purchased $250 million worth of the leading crypto from its cash reserves.
Company chief executive Michael J. Saylor, who was once a very assertive skeptic of the leading cryptocurrency, said at the time:
“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.”
The executive added that “the economic and public health crisis precipitated by COVID-19, unprecedented government financial stimulus measures including quantitative easing adopted around the world, and global political and economic uncertainty” are making BTC logical to own.
Some thought that MicroStrategy jumped the gun by putting so much of its capital in one investment, especially since that investment was Bitcoin.