MicroStrategy (NASDAQ:MSTR) is easily the most crypto-centric stock on the market that actually isn’t involved with blockchain. The business data company — led by Bitcoin (BTC-USD) faithful Michael Saylor — is one of the biggest forces driving Bitcoin adoption among non-crypto firms. Now this week, the company is continuing that push, adding hundreds of millions of dollars of BTC to its portfolio.
MicroStrategy is a business software company, founded by current CEO Michael Saylor. For the last three decades, the company had made a name for itself by analyzing data for other firms. On top of crunching data to help companies make better decisions, it has also created a tech stack which companies can use to develop apps. MSTR has been pushing into artificial intelligence (AI) as well, using machine learning to assist in its data analytics and consulting services.
This crowd of different services and technologies has allowed MicroStrategy to become one of the most forward-thinking names in its industry. What’s more, its willingness to adopt new tech is thanks in large part to Saylor’s fascination with groundbreaking developments. In recent years, another new technology has become the apple of Saylor’s eye: cryptocurrency, specifically Bitcoin.
MicroStrategy Adds to Deep Bitcoin Holdings with $200 Million Purchase
In recent years, investors haven’t just been betting on MicroStrategy when buying MSTR stock. Rather, they are also banking on the success of Bitcoin. That’s because Michael Saylor has been so intrigued by Bitcoin that his company has made a point to buy and hold as much of the currency as it can.
In August 2020, MicroStrategy bought its first BTC. Since then, the company has slowly accumulated more and more. Take a look at Saylor’s Twitter (NYSE:TWTR) profile and it’s easy to see why. A staunch believer in a future dominated by digital coins, Saylor fires off tweet after tweet defending Bitcoin as a store of value and transactable currency.
This morning, Saylor also disclosed news of a massive new Bitcoin purchase through his Twitter account. Specifically, the company is shelling out nearly $200 million on more BTC for its portfolio. This brings MicroStrategy’s total holdings up to over 129,000 BTC.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.