Nasdaq listed MicroStrategy, a software firm, announced it had bought Bitcoins as part of its capital allocation strategy.
This makes the Nasdaq listed firm become the first publicly-traded firm to invest in Bitcoin. MicroStrategy announced that they bought 21,454 Bitcoin, which is worth over $200 million.
Previously, Nasdaq listed MicroStrategy announced that they would invest in Bitcoin to avoid inflation. They said this last month, emphasizing that the Bitcoin investment would maximize long-term value for their shareholders.
MicroStrategy CEO Michael J. Saylor said the Bitcoin investment is a pointer to their belief that Bitcoin is the most widely accepted cryptocurrency. He explained that they also believe it is a reliable store of value and an attractive investment option than cash.
How NASDAQ listed MicroStrategy acquired Bitcoin
It remains unclear as to how the software firm bought the Bitcoin they now possess if they did through an exchange firm or an over the counter (OTC) exchange.
However, the Bitcoin the Nasdaq listed MicroStrategy acquired fulfills the CEO’s promise that the firm would buy back $250 million in stock and invest an additional $250 million in gold and bitcoin for the next one year.
Reportedly, the Bitcoin investment and other investments would aid in the protection of MicroStrategy balance sheet.
The software firm, with its long years of existence, has a place as a leader in the business intelligence space.
Having operated for over 25 years, the firm exists as one of the first companies to break into the enterprise business intelligence software sector. The firm was a pioneer in relational Analytics, Web Intelligence, and Mobile Intelligence and recently invented HyperIntelligence.
Nasdaq listed MicroStrategy as at press time has it’s stock trading up by over 12 percent at $139.02, having closed at $123.62.