MicroStrategy CEO Michael Saylor announced his company’s third bitcoin purchase on Twitter late Friday, per an SEC filing the same day.
Saylor bought 2,574 bitcoins for $50.0 million in cash bringing the business intelligence firm’s treasury holdings to about 40,824 bitcoins.
MicroStrategy first bought $250 million in bitcoin (BTC, -4.18%) (BTC) on August 11, followed by an additional $175 million worth of BTC one month later.
Saylor said the latest purchase was part of MicroStrategy’s treasury reserve policy to avoid inflation-prone cash for bitcoin. The 55-year-old executive announced bitcoin as the “most rational” container for the store of value anywhere in the world.
MSTR shares have surged 170% since Saylor first hinted at the company’s interest in BTC in late July 2022. Some are now calling the company the de facto bitcoin ETF – even though it’s not as efficient.
Leading US-based cryptocurrency exchange Coinbase brokered MicroStrategy’s native bitcoin purchases, as CoinDesk previously reported.