Earlier this Sunday, MicroStrategy co-founder Michael Saylor took to social media to celebrate the fourth anniversary of the company's bold bet on bitcoin.
On August 11, 2020, a relatively unknown business analytics company whose stock had been stagnating for years shook up the entire crypto industry by adopting Bitcoin, the leading cryptocurrency, as its primary treasury reserve asset.
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The company, founded in 1989, went public in 1998 and then saw its shares soar by thousands of percent the following year. It was one of the stocks that rose to prominence during the dot-com craze of the late '90s.
However, in early 2000, the company's stock plunged due to a revenue restatement. This came after the SEC issued new revenue reporting guidelines due to some concerns about high-tech firms artificially inflating their numbers.
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The accounting scandal proved extremely costly for Saylor. In fact, he became known as the first person to lose $6 billion in a single day.
After nearly two decades of stagnation, stocks eventually recovered following Saylor's Bitcoin gamble.
In fact, Saylor notes, MicroStrategy managed to outperform 499 of the 500 stocks in the S&P 500 index.
How reported U.TodayEarlier this year, MicroStrategy (MSTR) shares were added to the coveted MSCI World Index after outperforming Bitcoin.
However, the company reported a loss of $102.6 million in the previous quarter, so it is currently ineligible for inclusion in the prestigious S&P 500 index.
Sailor recently confirmed that MicroStrategy will continue to buy bitcoins.