U.S. listed company MicroStrategy purchases over $250 million in Bitcoin as part of asset allocation

MicroStrategy, a Nasdaq listed company and one of the world’s largest independent listed business intelligence (BI) software providers, announced that it has purchased 21,454 bitcoins, currently valued at more than $250 million, as part of its asset allocation. The company said it has issued a cash tender offer of up to $250 million for MicroStrategy’s Class A common stock through a revised Dutch auction bid. The bitcoin purchase was made in accordance with the capital allocation strategy previously announced when the second quarter 2020 financial report was released on July 28. Specifically, the company will seek to reinvest up to $250 million in one or more alternative investments or assets in the next 12 months. MicroStrategy CEO Michael J. Saylor said that this investment reflects the company’s belief that Bitcoin, the most widely adopted cryptocurrency in the world, is a reliable store of value and an attractive investment asset. , Has the potential for long-term appreciation than holding cash. MicroStrategy said that when comparing various potential investment asset classes, it observed the unique properties of Bitcoin, and believed that investing in this cryptocurrency can not only reasonably hedge against inflation risks, but also obtain higher returns than other investments.