After the $250 million Bitcoin haul last month, MicroStrategy says it may double down on its investments in the world’s top cryptocurrency.
In a United States Securities and Exchange Commission disclosure dated September 11th, MicroStrategy’s board of directors highlights their plans of expanding the billion-dollar company’s cryptocurrency holdings after electing to make Bitcoin the company’s primary reserve asset.
“Under the new policy, treasury reserve assets will consist of (i) cash, cash equivalents, and short-term investments (‘cash assets’) held by the company that exceed working capital needs and (ii) Bitcoin held by the company, with bitcoin serving as the primary treasury reserve asset on an ongoing basis, subject to market conditions and anticipated needs of the business for cash assets, including future potential share repurchase activity.
As a result of this new policy, the company’s holdings of Bitcoin may increase beyond the $250 million investment that the company disclosed on August 11, 2020.”
MicroStrategy chief executive Michael J. Saylor explained the company’s controversial pivot to Bitcoin in a statement issued last month.
“This investment reflects our belief that Bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.”
Saylor believes Bitcoin to be digital gold and a smarter type of money than anything that has come before it, an apparent 180-degree turn from seven years ago when he predicted the death of bitcoin.
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