Business intelligence company Microstrategy has decided to make Bitcoin its primary reserve asset, according to a Securities and Exchange Commission disclosure published on Monday, September 14.

The document states that the new announcement could lead to the company purchasing more cryptocurrency, despite the $250 million worth of Bitcoin the company purchased in August of this year.

Following the company's mass purchase of Bitcoin back in August, Microstrategy CEO  Michael J. Saylor emphasized the company belief that Bitcoin is a dependable store of value and a more attractive investment than holding cash.

Microstrategy embracing Bitcoin is seen by some as a sign that Wall Street is becoming more accepting of cryptocurrencies. The company has several large institutional investors behind it.

By Emily Mason