Investment bank Morgan Stanley purchased 792,627 shares in business intelligence company MicroStrategy, according to a filing with the Securities and Exchange Commission released on January 8. The investment reflects a 10.9 percent stake in a company that in the last few months has made major investments in Bitcoin.
Apparently, the purchase occurred on December 31. MicroStrategy had a colossal month, with its shares moving as of January 8 from $289 on December 8 to $545.
According to cointelegraph.com, In August, MicroStrategy took bold steps into crypto, making Bitcoin its primary reserve asset. At the time, CEO Michael Saylor said of the firm’s choice: “This is not a speculation, nor a hedge. It is a deliberate corporate strategy to adopt the Bitcoin Standard.”
Only weeks ago, with the stated intention of raising funds to purchase more Bitcoin, MicroStrategy revealed a $400 million sale of securities. The company had stockpiled 70,470 Bitcoin as of December 21.
MicroStrategy’s BTC stockpile was worth over $2.8 billion at prices as of publication time.
Over the last year, institutional investors such as Morgan Stanley have considerably warmed up to crypto assets. Compared to the retail FOMO that was so essential to BTC’s 2017 highs, which ultimately fell apart, many have linked Bitcoin’s latest bull run to this institutional uptick.