$50 million in Bitcoin has been purchased by the publicly traded business intelligence firm MicroStrategy. The transition was announced by CEO Michael Saylor in a late afternoon tweet on Friday.
Saylor bought 2,574 bitcoins for $50.0 million in cash, taking the treasury holdings of the business intelligence firm to around 40,824 bitcoins. On August 11, MicroStrategy invested $250 million in bitcoin for the first time. Followed by a additional $175 million worth of BTC, one month later.
“MicroStrategy has purchased approximately 2,574 bitcoins for $50.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $19,427 per bitcoin,” Saylor wrote in the tweet. “We now hold approximately 40,824 bitcoins.”
The move may have been anticipated, provided that during its Q3 earning call, the firm said that it would invest excess cash far above $50 million in day-to-day operating cash on bitcoin “subject to market conditions and business needs.Since Saylor first revealed the company’s interest in BTC in late July 2020, MSTR shares have risen 170 percent. Some now call the company a de facto bitcoin ETF, albeit an inefficient one.