For The First Time Ever, MicroStrategy Sells 704 Bitcoins (BTC)

Latest: For The First Time Ever, MicroStrategy Sells 704 Bitcoins (BTC)

Bitcoin
Uncategorized
29 December 2022

In November and December of this year, MicroStrategy – a company renowned for its pro-cryptocurrency stance – invested a further $42.8 million by purchasing 2,395 Bitcoin (BTC). A recent SEC filing details that the purchase was conducted by a MicroStrategy subsidiary. The company’s official statement additionally confirms that part of Bitcoin has been disposed of from their holdings.

704 Bitcoins Sold by MicroStrategy

On December 22, the company relinquished approximately 704 Bitcoin amounting to $11.8 million; a loss which may in fact be of advantage for their financial progress due to tax breaks. The transaction proceeded at an estimated BTC price of around $16,776 per BTC.

On Wednesday, Michael Saylor, the well-renowned Bitcoin advocate and CEO of MicroStrategy, declared that they had acquired 2,500 Bitcoin at around $42.8 million! This news comes as no surprise since Mr. Saylor has been an eager promoter of cryptocurrency for some time now. As of December 27, there was a total of 132,500 Bitcoin that the company had acquired for an average price of $30,397 per Bitcoin. This amounted to over 4 billion dollars in investments for this digital currency.

MicroStrategy’s Aggressive Push Into Cryptocurrency

According to the December 28 filing, the company apparently raised its Bitcoin holdings by selling $46.4 million shares of Class A ordinary stock, in accordance with a previously disclosed plan to sell up to $500 million worth of such stock. 

The price of MSTR shares has risen somewhat in premarket trading. At the time of writing, the price of Bitcoin is now trading at $16,660. According to crypto market tracker CoinMarketCap, this marks a 1.09% drop on the day, with a further 1.10% drop throughout the week.

The price of MSTR shares has risen somewhat in premarket trading. At the time of writing, the price of Bitcoin is now trading at $16,660. According to crypto market tracker CoinMarketCap, this marks a 1.09% drop on the day, with a further 1.10% drop throughout the week.

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