Cybersecurity firm Octagon Networks converts entire balance sheet into Bitcoin

Octagon Networks is the first cybersecurity and research firm to convert its entire balance sheet into Bitcoin (BTC), the company announced on 5 June.

As well as converting its liquid assets into BTC, the company will also accept the cryptocurrency as payment for all its services across the globe.

Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

The firm, founded in Ethiopia but with its operations largely out of the United States, announced this via a blog post and on Twitter.

Octagon Networks has finished the process of converting its liquid assets and entire balance sheet into Bitcoin. We will also start accepting Bitcoin payments for all of our services, with a 50% discount when paid in Bitcoin.”

Octagon was ‘inspired’ by MicroStrategy

Octagon Networks consists of security researchers, engineers, and hackers spread across several third-world countries. The company is still relatively small in the cybersecurity industry, but notes that Bitcoin is having a big impact on the advancement of humanity.

The company noted in its blog post:

We believe Bitcoin will lead the world toward a better future. Bitcoin will help accelerate our other goals to bring high-quality cybersecurity solutions to the masses and help tackle the complicated bureaucracy involved with acquiring international customers and talent.”

According to the announcement, the firm’s Bitcoin adoption draws inspiration from Michael Saylor’s MicroStrategy Inc. Currently the world’s largest corporate holder of BTC, MicroStrategy added the cryptocurrency to its balance sheet in 2020. It holds more than 129,000 bitcoins purchased since August 2020.

Bitcoin was trading around $31,400 on Monday morning, about 5.6% up in the past 24 hours.