Bitcoin institutional

MicroStrategy has recognized Bitcoin as a legitimate investment asset that can be superior to cash and accordingly has made Bitcoin the principal holding in its treasury reserve strategy.

The company paid an average price of $49,229 per bitcoin, it said in a statement. As of Dec. 29, MicroStrategy held about 124,391 bitcoins purchased at an average price of $30,159. Bitcoin is currently trading about $47,500, valuing the trove at $5.9 billion .

MicroStrategy, which made bitcoin acquisition a second mandate earlier this year, had since become a sort of bitcoin-proxy investment for investors looking for exposure to crypto.