The largest international business intelligence company MicroStrategy (Nasdaq: MSTR) has formally approved Bitcoin as its primary reserve asset.
The company’s recent press release from August 11th confirms the purchase of 21,454 BTC for $250 million.
Michael J. Saylor, CEO of MicroStrategy:
Move “reflects our belief in Bitcoin”
The picture below shows the key moment of BTC institutional growth and had been commented by high profile crypto persons.
“I suggested 6 months ago, we are now starting to see businesses owning Bitcoin as a marketable security on their balance sheet,” well-known commentator Preston Pysh responded on Twitter.
1-month MSTR stock price chart. Taken from : Nasdaq
Such company’s action has caused the growth of MicroStrategy’s stock price for 5.7%, while the price of BTC has increased for 10%.
Barry Silbert, CEO of crypto investment giant Grayscale has welcomed such company’s resolution.
He said the following in his Twitter:
“MicroStrategy, a $1.2 billion company, just turned itself into a publicly-traded bitcoin play. Smart.”