2 November 2024
Morgan Stanley Boosts 10 Percent Stake In Bitcoin Of MicroStrategy
The result of MicroStrategy’s purchase in Bitcoin is paying off as its shares have skyrocketed and also a big investment from Morgan Stanley.
Securities and Exchange Commission released a filing on 8th January, that investment bank Morgan Stanley had acquired 792,627 shares in business intelligence firm MicroStrategy. The investment shows a 10.9% stake in a firm that has made massive investments in Bitcoin over the past several months.
The purchase was made on 31st December. MicroStrategy saw a massive increase in shares from $289 on Dec. 8 to $545 as of Jan. 8.
Back in August, MicroStrategy had taken a huge step into crypto by making bitcoin its primary reserve asset. The CEO Michael Saylor said at that time, “This is not a speculation, nor a hedge. It is a deliberate corporate strategy to adopt the Bitcoin Standard.”
Recently, a few weeks before MicroStrategy announced a $400 million securities offering with the stated purpose of raising funds to buy more Bitcoin. On 21st December, the firm had stockpiled 70,470 Bitcoin.
Currently, MicroStrategy's bitcoin is worth over $2.8 billion.
Morgan Stanley, the Institutional investors have warmed up to crypto-assets considerably over the past year. Many believe that the bitcoin bull market is somewhat contributed by institutions.
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