MicroStrategy buys another $56.4 million worth of Bitcoin – Crypto News – Crypto News
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MicroStrategy buys another $56.4 million worth of Bitcoin MicroStrategy buys another $56.4 million worth of Bitcoin

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MicroStrategy buys another $56.4 million worth of Bitcoin – Crypto News

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2 years ago

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  • MicroStrategy reportedly bought approximately 2,500 BTC between November 1 and December 24, 2022.
  • The company now holds 132,500 BTC acquired for approximately $4.03 billion.
  • MicroStrategy did however sell 704 BTC for $11.8 million on 22 December for what it termed as tax benefits.

MicroStrategy, a publicly traded company that’s the world’s largest corporate holder of Bitcoinhas reported buying more of the flagship cryptocurrency even as the market hit turbulence beginning early November.

As per the Filing In a submission on December 28 to the US Securities and Exchange Commission (SEC), MicroStrategy says it purchased an additional 2,500 bitcoins between November 1 and December 24, 2022.

Altogether, the software analytics and business intelligence firm purchased Bitcoin worth approximately $56.4 million in nearly two months and $4.03 billion in total.

MicroStrategy now holds 132,500 bitcoins

As crypto navigated the turmoil caused by FTX’s collapse that had crypto price tapping new multi-year lows, MicroStrategy saw an opportunity to buy bitcoin, In short, the company added 2,395 bitcoins worth $42.8 million to its holdings between November 1 and December 21, 2022.

The total BTC acquisition in this period cost the firm $42.8 million at an average purchase price of $17,871 per coin.

On December 22, 2022, MicroStrategy sold 704 bitcoins for $11.8 million. According to the company, the sale was at an average price of $16,776 per coin. Although the sale was at a loss, the company plans to offset the capital losses against capital gains made earlier.

Despite the BTC sale, MicroStrategy went to the market again on 24 December 2022. It bought another 810 bitcoins at an average price of $16,845 and for a total outlay of $13.6 million. By 27 December 2022, the company had added 2,500 bitcoins at a total cost of $56.4 million.

As of this report, MicroStrategy had increased its Bitcoin holdings from 130,000 BTC at the end of October to 132,500 bitcoins by December 27, 2022.

The recent purchases mean MicroStrategy has spent $4.03 billion on acquiring BTC since its first purchase in 2020. The coins’ average purchase price currently stands at $30,397 per bitcoin.

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