Bitcoin bullish publicly listed company Microstrategy decided to buy a big amount of Bitcoin through the sale of its stock.
Microstrategy is a business analytics software firm, which is highly popular in the crypto sector because of its high profile Bitcoin buy plans. At this moment, the company is holding around 130k Bitcoin on the balance sheet of the company. At present, the company is at a loss of around $1 Billion value because of the significant correction in the price of Bitcoin.
A recent filing of Microstrategy with the United States Securities and Exchange Commission (SEC) confirmed that the company will sell its $500 million worth of stocks and further reinvest in Bitcoin.
The filing noted that the company will sell its MSTR under an agreement with two agents — Cowen and Company and BTIG.
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The filing confirmed:
“We intend to use the net proceeds from the sale of any class A common stock offered under this prospectus for general corporate purposes, including the acquisition of bitcoin, unless otherwise indicated in the applicable prospectus supplement.”
At present the price of Bitcoin is $20K approx and this price is down significantly from its all-time high, which was $69k. And also Microstrategy purchased Bitcoin in the range of $40k to $50k+, so here company is probably planning to dollar cost average of its Bitcoin holdings.
The current total holding of Bitcoin funds on the company’s portfolio is 129,699 BTC and approx value of this bitcoin collection is around $2.8 billion, so indeed the company is in lost by around $1 billion.
Recently Microstrategy former CEO & founder Michael Saylor said that the company is working on a new Bitcoin lightning-enabled Bitcoin wallet to bring the use of Bitcoin in the payment system to a better level.
Read also: Ripple General Counsel labeled SEC’ Securities laws as a political power grab
Microstrategy decides to buy $500M worth of Bitcoins
https://bitcoinik.com/microstrategy-decides-to-buy-500m-worth-of-bitcoins/feed/
https://bitcoinik.com/microstrategy-decides-to-buy-500m-worth-of-bitcoins/feed/
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