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Microstrategy Decides To Buy $500M Worth Of Bitcoins

Microstrategy Decides To Buy $500M Worth Of Bitcoins

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Bitcoin emerging market company Microstrategy decided to buy a large amount of Bitcoin by selling its shares.

Microstrategy is a business analytics software company that is very popular in the crypto industry for its high profile Bitcoin purchase plans. Currently, the company has approximately 130,000 Bitcoins on the company’s balance sheet. Currently, the company is at a loss of about a billion dollars due to a significant correction in the price of Bitcoin.

A recent Microstrategy filing with the US Securities and Exchange Commission (SEC) confirmed that the company will sell $500 million worth of its stock and continue to invest in Bitcoin.

The filing stated that the company is selling its MSTRs under an agreement with two agents – Cowen and Company and BTIG.

The announcement confirmed:

“We intend to use the net proceeds from the sale of any Class A common stock offered pursuant to this prospectus for general corporate purposes, including the acquisition of bitcoin, except as otherwise provided in the applicable prospectus supplement.”

Currently, the price of Bitcoin is around $20,000, and this price is significantly lower than the all-time high of $69,000. And Microstrategy also bought Bitcoin between $40,000-$50,000+, so this is where the company is likely to pay the average dollar for its Bitcoin holdings.

The current total holding of bitcoin funds in the company’s portfolio is 129,699 BTC and this bitcoin collection is worth about $2.8 billion, so the company has indeed lost about $1 billion.

Recently, the former CEO and founder of Microstrategy, Michael Saylor, said that the company is working on a new Bitcoin lightning-powered Bitcoin wallet to improve the use of Bitcoin in the payment system.

Also Read: Ripple General Counsel Called SEC’s Securities Laws a Political Coup

Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

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