MicroStrategy’s latest Bitcoin purchase appears to have received the applause of its investors as it is showcased in the current share price.

Nasdaq-listed MicroStrategy Incorporated (NASDAQ: MSTR) has continued on its ever bullish attempt to stock up on Bitcoin (BTC) following its latest purchases in line with its Treasury Reserve Policy. According to an official announcement made by the Virginia-based business intelligence firm, a total purchase of 29,646 Bitcoins for approximately $650.0 million in cash was made as of December 21, 2020.The latest purchase now put the total Bitcoin reserves for the company at “approximately 70,470 bitcoins, which were acquired at an aggregate purchase price of approximately $1.125 billion and an average purchase price of approximately $15,964 per bitcoin, inclusive of fees and expenses,” the company announcement in the announcement.Through MicroStrategy’s bitcoin purchases, the company has significantly showcased its determination to convert the bulk of the excess liquidity on its balance sheet to Bitcoin as the company has lost its trust in the United States Dollar that is continuously prone to devaluation amid stimulus injection.“The Company continues to operate in accordance with its Treasury Reserve Policy and currently holds approximately 70,470 Bitcoins,” said Michael J. Saylor, CEO, MicroStrategy Incorporated. “The acquisition of additional bitcoins announced today reaffirms our belief that bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value. We believe the proactive management of our balance sheet, combined with the improved revenue and profitability performance of the Company, have been significant factors in the recent appreciation in our stock price,” added he. MicroStrategy’s latest Bitcoin purchase appears to have received the applause of its investors as it is showcased in the current share price. The company’s shares closed Monday’s trading session with a 5.44% gain to $317.60. MicroStrategy’s shares are also up in the after-hours trading.MicroStrategy’s Bitcoin Purchase: Does Company Still Qualify as a Business Intelligence Firm?MicroStrategy’s impressive Bitcoin purchases have gotten many tongues wagging about the current business inclination of the company. Many seek to know whether the company is still a business intelligence and software development firm or whether it is turning itself into a Bitcoin trust, as about $1.125 billion of its shareholder’s funds have now been used to purchase Bitcoins.A statement from Phong Le, the President & CFO, MicroStrategy Incorporated however reveals that the company is still focused on its business intelligence products.“The Company continues to believe bitcoin will provide the opportunity for better returns and preserve the value of our capital over time compared to holding cash. We also remain dedicated to our customers and our goal of operating a growing profitable business intelligence company. As we work to grow revenue through HyperIntelligence®, Cloud Intelligence™, and Embedded Intelligence™ offerings, the Company expects to continue to generate positive operating income and free cash flow and will continue to evaluate the use of excess cash in accordance with our capital allocation strategy and Treasury Reserve Policy,” said he.Bitcoin (BTC) is currently down 5.10% and trading at $22,651.87 at the time of writing according to CoinMarketCap.


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