Following a twitter exchange with Elon Musk on Sunday, the 20th of December, 2020, The Chief Executive Officer of Microstrategy, Michael Saylor, revealed via a Monday tweet that Microstrategy, a business intelligence firm has stashed monies worth $650 Million of its $650 Million issued debenture into a recent BTC investment .
Saylor had lauded the digital gold, BTC, as Elon Musk made deriding remarks against the leading crypto. He advised the product architect of Tesla that:
“If you want to do your shareholders a $100 billion favor, convert the $TSLA balance sheet from USD to #BTC. Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor”
Saylor revealed how the BTC buyout was purchased at the rate of $21,925 per bitcoin (BTC, -3.66%). The company’s treasury reserve now stands at a whopping 70,470 BTC which currently translates to over $1.596 billion.
Microstrategy’s CEO notes that the firm has expended about $1.125 billion on BTC till date.
You would agree that issuing debentures to purchase volatile BTC is a bold choice for any publicly held corporation financed with the masses’ funds. It will surprise you that Microstrategy’s business model does not even ordinarily revolve around holding or trading bitcoin. Saylor continues to make giant moves regardless of nay-sayers.