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    Home»News»Business»MicroStrategy Expands Bitcoin Portfolio With $45 Million Purchase Of 2,500 BTC
    Business

    MicroStrategy Expands Bitcoin Portfolio With $45 Million Purchase Of 2,500 BTC

    Puneet SinghalBy Puneet SinghalDecember 28, 20222 Mins Read
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    michael saylor microstrategy bitcoin purchase
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    According to an SEC filing, MicroStrategy (MSTR) purchased approximately 2,395 bitcoins for $42.8 million via its MicroStrategy subsidiary from Nov. 1 to Dec. 21.

    MicroStrategy has increased its #Bitcoin Holdings by ~2,500 #BTC. As of 12/27/22 @MicroStrategy holds ~132,500 bitcoin acquired for ~$4.03 billion at an average price of ~$30,397 per bitcoin. $MSTRhttps://t.co/lcMeULcGQk

    — Michael Saylor⚡️ (@saylor) December 28, 2022

    On Dec. 22, the company sold approximately 704 bitcoins for $11.8 million on the basis that the loss would offset its previous capital gains.

    It acquired another 810 bitcoins for $13.6 million on Dec. 24, bringing its total bitcoin holdings up to 135,000 ($2.2 billion at today’s prices).

    It marks MicroStrategy’s first sale of bitcoin since the company began acquiring it in 2020.

    A total of 2,501 bitcoins were added to the company’s holdings for a net cost of $44.6 million.

    In premarket trading, MSTR shares are up marginally.

    Michael Saylor is arguably one of the most vocal supporters of bitcoin. MicroStrategy’s former CEO has previously stated that his decision to purchase bitcoin reflects his belief that it will be the future of finance. Saylor previously revealed that he owned cryptocurrency before MicroStrategy began acquiring it, a fact that supports cryptocurrency’s profitability.

    The company believes it will act as an inflation hedge since bitcoin’s price is expected to rise over time. Saylor himself has described Bitcoin as digital gold because it is recognized globally, has a strong brand, has a vibrant ecosystem, is dominant in the network, has architectural resilience and technical utility, and has a strong community ethos. The evidence that Bitcoin is an asset class that is a long-term store of value is compelling.

    The company’s investment in bitcoin also helped boost its popularity among cryptocurrency enthusiasts, turning it from a company operating in the background to a household name.

    In terms of BTC holdings, MicroStrategy is the world’s largest public company. The company now holds 132,500 BTC, worth over $2.2 billion at current market prices. Following the market downturn, the company recorded unrealized losses of more than $1.7 billion at a cumulative entry value of almost $4 billion.

    Bitcoin BTC Michael Saylor MicroStrategy
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