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MicroStrategy [MSTR] Eyes More BTC In Latest Filing

MicroStrategy [MSTR] Eyes More BTC In Latest Filing

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Word’s largest holder of Bitcoin, business intelligence company MicroStrategy [MSTR] has remained unfazed by the bull market as it appears to increase BTC holdings. A filing with the SEC revealed that the company has signed an agreement with investment bank Cowen & Co. to sell $500 million of Class A shares.

Although there is no exact date for the possible sales, the US software company announced that it plans to use the net proceeds to purchase additional Bitcoins.

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.

The company also noted BTC price fluctuations and the consequences of its movement.

“Future fluctuations in Bitcoin trading prices may result in us converting Bitcoin purchased with the net proceeds from this offering into cash at a value significantly below the net proceeds from this offering,” the company wrote.

In August, MicroStrategy founder Michael Saylor stepped down as CEO to focus more on his Bitcoin promotion efforts.

Interestingly, that was the same day that the Tysons Corner, Virginia-based community, which Saylor also founded in 1989, reported a loss of more than $1 billion due to the fall in the price of the cryptocurrency in the second quarter.

In fact, Saylor will continue as executive director.

A few days ago there were rumors about MicroStrategy transferring over 200,000 BTC to exchanges.

More Trouble for Bitcoin?

Popular influencer CryptoVinco was among the first to do so claim On Twitter and a screenshot of the events performed by the whale address.

Bitcoin: MicroStrategy [MSTR] Eyes More BTC in latest application 3

A pseudonymous influencer asked the community to expect a market “carnage” when MicroStrategy sells BTC. Twitteratis gave mixed reactions as some users disagreed with CryptoVinco saying that the address does not belong to MicroStrategy.

As for prices, Bitcoin recovered 16% after the largest cryptocurrency by market cap traded above $20,000 earlier this week. However, investors issued a word of caution, saying this could just be a typical “short cover and squeeze”.



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