Morgan Stanley, an investment bank, has acquired 792,627 shares in business intelligence firm MicroStrategy, as the investment represents a 10.9% stake in a firm that has made massive investments in Bitcoin over the past several months.
It has been reported that the purchase seemingly happened on December 31. MicroStrategy has had a colossal month by seeing its shares move from $289 on December 8 to $545 as of January 8.
However, in August, MicroStrategy took bold steps into crypto, making Bitcoin its primary reserve asset.
Michael Saylor, the CEO of MicroStrategy, said:
“This is not a speculation, nor a hedge. It is a deliberate corporate strategy to adopt the Bitcoin Standard.”
The report said that just weeks ago, MicroStrategy announced a $400 million securities offering with the stated purpose of raising funds to buy more Bitcoin. As of December 21, the firm had stockpiled 70,470 Bitcoin.
The global investment bank has boarded MSTR's Bitcoin-driven ride to the moon. https://t.co/0trBCEMmeL — Cointelegraph (@Cointelegraph) January 8, 2021
Institutional investors like Morgan Stanley have warmed up to crypto-assets considerably over the past year.
Thus, many have attributed Bitcoin’s recent bull market to this institutional uptick, as compared to the retail FOMO that was so critical to BTC’s 2017 highs, which subsequently fell apart.
Source: Cointelegraph