Company’s share price has risen twentyfold after it changed its strategy to become first ‘bitcoin treasury company’
In the summer of 2020, as the Covid-19 pandemic upended economies around the world, an obscure US software firm decided to diversify. MicroStrategy, whose head office is situated next to a shopping mall and metro station in Tysons Corner, Virginia, had decided the steady business of “software as a service” was not racy enough.
Instead, it would branch out by investing up to $250m in alternative assets – “stocks, bonds, commodities such as gold, digital assets such as bitcoin or other asset types”.
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