MicroStrategy Doubles Down With $175M BTC Purchase

Plus some actual revenue for an NFT project

Happy Tuesday, Blockfolians

The Lede

You may remember the big news from a few weeks ago when publicly-traded MicroStrategy (MSTR) announced that it was moving half of its cash reserves (approximately $250m) into bitcoin.

Well, they’ve just announced that they’ve doubled down and actually purchased $175m more. This can only mean that the market’s response to their first announcement cleared the way for this additional purchase.

One interesting comment came from Vijay Boyapati, who argued that this effectively turned the company into a Bitcoin ETF.

Whatever the case, this continues to be a hugely bullish sign for bitcoin’s narrative as a true reserve currency asset.

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Highly Relevant Reading


Community Commentary

Those numbers are hard to ignore…
Does the chain ultimately matter to end users?

A Really Big Number We Should Be Paying Attention To  

$2,000,000

That’s the total revenue since June of NBA’s Top Shot - an application powered by Dapper Labs NFT’s + Circle USDC.


Final Thought

…or bitcoin….