MicroStrategy purchased 21,454 bitcoin at a total price of $250 million. This is part of their new capital allocation strategy. The CEO says:
Our investment in Bitcoin is part of our new capital allocation strategy, which seeks to maximize long-term value for our shareholders,” said Michael J. Saylor, CEO, MicroStrategy Incorporated. “This investment reflects our belief that Bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash
He cites the current fiscal environment as the reason for moving away from Treasury Bonds:
"MicroStrategy spent months deliberating to determine our capital allocation strategy. Our decision to invest in Bitcoin at this time was driven in part by a confluence of macro factors affecting the economic and business landscape that we believe is creating long-term risks for our corporate treasury program ― risks that should be addressed proactively"
Microstrategy is a 30 year old company that makes a business intelligence tool. It trades on the NASDAQ under symbol MSTR, with a $1.33B market cap as of today (8/11/20, +11%)