Coinbase Says It Facilitated MicroStrategy in Purchase of $425M Worth of BTC

Back in the month of September, the business intelligence firm completed its massive investment of $425 million in the top-ranked digital currency Bitcoin. However, the largest digital currency exchange in the United States Coinbase has claimed in an announcement that it had helped MicroStrategy in executing this major investment.

Primary Execution Partner

MicroStrategy, the NASDAQ-listed largest independent publicly-traded business intelligence firm stepped into the world of digital currencies back in the month of August when it made a huge announcement saying that it has invested an amount of $250 million in the world’s largest cryptocurrency Bitcoin. Back then, it purchased a total of 21,454 bitcoins. After that, the firm made another massive investment in Bitcoin and bought a total of additional16796 Bitcoins in the month of September. In this way, it raised $425 million in Bitcoin.

Coinbase, one of the famous digital currency exchanges in the world has now claimed that it had facilitated this investment of MicroStrategy by serving as a primary execution partner for the company. The Virginia-based company used the services of the exchange’s cryptocurrency brokerage firm Coinbase Prime and executed this investment over this trading platform.

As per the announcement of Coinbase, the initial investment of MicroStrategy ($250 million) took at least five days to complete in August.

In a blog post published on the 1st of December, Coinbase’s Head of Institutional Sales Brett Tejpaul shared some details on this investment. He said:

“Using our advanced execution capabilities, leading crypto prime brokerage platform, and OTC desk, we were able to buy a significant amount of bitcoin on behalf of MicroStrategy and did so without moving the market.”

Adding more to it, he said that they are looking forward to collaborating further with other major companies and financial institutions while helping them in executing their trading in cryptocurrencies.

MicroStrategy called Bitcoin its primary treasury reserve asset

When MicroStrategy announced its investment in Bitcoin, it also revealed the leading digital currency as its primary treasury reserve asset. It was the first publicly-traded firm that acquired such a staggering amount of BTC. A spoke person from the company claimed that the firm is interested in purchasing more Bitcoin in the future.

Following the footsteps of MicroStrategy, the financial services company Square also made an investment in the top-ranked digital currency as well. Bitcoin is now continuously witnessing a great deal of interest from institutional investors amid its ongoing bullish run.