MicroStrategy, a publicly traded business intelligence company, has announced it now holds more than $1 billion worth of bitcoin.
This is a major move for the company and one that signals its belief in the long-term potential of the cryptocurrency.
MicroStrategy first revealed its interest in bitcoin in August 2020 when it purchased 21,454 bitcoins for $250 million. At the time, it said it viewed bitcoin as “a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.”
Since then, the price of bitcoin has soared and MicroStrategy has continued to buy more. It has now accumulated a total of 70,784 bitcoins, worth over $1 billion at current prices.
This makes MicroStrategy one of the largest corporate holders of bitcoin. Other companies that have invested significant sums into the cryptocurrency include Square, which has invested $50 million, and Tesla, which has invested $1.
MicroStrategy’s CEO Michael Saylor has been a big proponent of bitcoin, regularly tweeting about its potential and urging other companies to follow suit.
The company’s embrace of bitcoin is part of a wider trend among corporations. More and more companies are starting to view bitcoin as a viable investment option, driven by the growing belief that it will become increasingly mainstream in the years ahead.
It remains to be seen how MicroStrategy’s bet on bitcoin will pay off in the long run. But for now, it appears to be a bold and ambitious move that could pay off handsomely if bitcoin continues to rise in value.