Crypto investment firm Galaxy Digital says Bitcoin has pulled off one of the most important events in its nearly 12-year history.
In a new market report from Galaxy Fund Management, portfolio manager Paul Cappelli points to the fact that software giant and intelligence firm MicroStrategy just purchased $250 million in Bitcoin as a monumental event that’s flying under the radar.
“…unbeknownst to many casual observers, August saw one of the most seminal and legitimizing events for the space to date. MicroStrategy Inc., a business intelligence software firm publicly traded on the NASDAQ (ticker: MSTR), announced a balance sheet investment of $250 million into bitcoin. This represents nearly 20% of the firm’s overall cash position, with CEO Michael Saylor citing that cash returns were fading amidst a weakening greenback.”
Galaxy Digital says the corporate Bitcoin buy could be a sign of what’s to come as a growing number of money managers question the future