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MicroStrategy Bitcoin

MicroStrategy Doubles Down On Bitcoin Bet With $56.4 Million Purchase

Best Owie
by Best Owie
2 years ago
·
Posted in Bitcoin, Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

There have been a lot of rumors lately surrounding MicroStrategy and the massive stash of bitcoin the company currently owns. Most of these have revolved around the possibility of MicroStrategy having to sell off its bitcoin. However, the company has just put all of these rumors to bed with another massive BTC purchase.

2,395 BTC For $42.8 Million

In an SEC filing that was made public on Wednesday, MicroStrategy Incorporated announced that it has made another bitcoin purchase. The company said it bought a total of 2,395 BTC this time around. At an average of around $17,871, the recent haul cost the company approximately $42.8 million to purchase. The purchase was made between the period of Nov. 1 and Dec. 21, 2022.

Related Reading: Still Holding Your Pi Network Tokens? An Huobi Listing Could Be Coming Soon

The filing also reveals other developments regarding the company and its bitcoin holders. MicroStrategy had sold 704 BTC worth $11.8 million on Dec. 22 after buying the 2,395 BTC. The company obviously took a loss for this sale, selling each BTC at an average price of $16,776 but says that it plans to carry the capital losses for the sale against its previous capital gains which would lead to a tax benefit for the country.

Two days later, the company would purchase another 810 BTC for an average price of $16,845. This cost it $13.6 million in cash, bringing the company’s purchases over the less than two-month period to $56.4 million in total.

Now, MicroStrategy’s holdings have ballooned once more and the company is now holding 132,500 BTC, the largest of any publicly held company in the world.

Bitcoin price chart from TradingView.com (MicroStrategy)

BTC price sitting at $16,648 | Source: BTCUSD on TradingView.com

What Does MicroStrategy Do With Bitcoin?

Previous CEO Michael Saylor led the company when it started acquiring BTC and saw it accumulate more than 128,000 BTC during his tenure. At the time, Saylor had said that the company was buying BTC because it believed in the long-term potential of the digital asset, and there has not been a change to this since then.

Related Reading: Over 60% Of Ethereum Blocks Are OFAC Complaint, A Reason To Worry?

Even during the bear market when crypto companies are going bankrupt, MicroStrategy has held on to the majority of its BTC. The company has shown no indication of selling and its most recent purchase shows its commitment to its BTC agenda.

The aggregate average price of the company’s BTC holdings is now sitting at $30,397 per BTC, as well as fees and expenses related to each purchase, bringing the total to $4.03 billion. At current prices, the company is nursing a more than $1 billion unrealized loss on its bitcoin investment.

Featured image from Exodus Wallet, chart from TradingView.com
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Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

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