BitcoinBusiness

MicroStrategy Tells SEC It May Buy More Bitcoin

On September 11th, MicroStrategy notified the SEC that it had adopted a new Treasury Reserve Policy. In Item 8.01 of the filing, the company noted that its bitcoin holdings “may increase beyond the $250 million investment that the Company disclosed on August 11, 2020.”

The notification comes after the firm acquired 21,454 bitcoin on August 11th, adopting the the cryptocurrency as its "primary reserve asset." MicroStrategy's initial investment was well received across the Bitcoin space as the firm's CEO famously detailed that MicroStrategy had "recognized Bitcoin as a legitimate investment asset that can be superior to cash."

As the BTC Times previously reported, MicroStrategy’s sizeable purchase effectively made the company's shares a proxy investment in Bitcoin, indirectly exposing hundreds of thousands of investors to the asset as approximately 28% percent of its shares are owned by the leading investment firms BlackRock and Vanguard.

In light of the new policy updates, it appears that MicroStrategy is ready to double down on its commitment to Bitcoin.

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Andrew Yang is a researcher obsessed with Bitcoin and the Lightning Network.