Microstrategy Buys More Bitcoin —
Company's Crypto Holdings Grow to 132,500 BTC
Microstrategy is now holding approximately
132,500 bitcoin following its most recent
purchases. This year, the world’s largest
cryptocurrency has emerged as ‘the
institutional-grade digital asset,’ said
Microstrategy founder Michael Saylor.
Microstrategy Acquires More Bitcoin
Nasdaq-listed Microstrategy Inc. announced
Wednesday that it has purchased more bitcoin for
its corporate treasury. Michael Saylor, the
company’s founder and executive chairman,
tweeted Wednesday:
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.
In its filing with the U.S. Securities and
Exchange Commission (SEC), Microstrategy
clarified that the 2,500 coins were acquired
between Nov. 1 and Dec. 24 by its wholly owned
subsidiary Macrostrategy.
The subsidiary bought approximately 2,395 BTC at
an average price of $17,871 per coin between
Nov. 1 and Dec. 21. It then sold about 704 BTC
at $16,776 per coin on Dec. 22. Macrostrategy
then bought about 810 more BTC at $16,845 per
coin on Dec. 24. At the time of writing, bitcoin
is trading at $16,656.80.
The bitcoin sale in December marked the first
time Microstrategy sold its bitcoin since it
began accumulating the crypto for its corporate
treasury in 2020. The company cited tax reasons
for selling BTC. ‘Microstrategy plans to carry
back the capital losses resulting from this
transaction against previous capital gains, to
the extent such carrybacks are available under
the federal income tax laws currently in effect,
which may generate a tax benefit,’ the SEC
filing describes.
Saylor said in an interview last week:
The most positive thing of the year is the
emergence of bitcoin as the institutional grade
digital asset and the clarity that … there is
one crypto asset that’s a digital commodity …
Bitcoin is that commodity.
The executive noted that both the chairman of
the SEC and the chair of the Commodity Futures
Trading Commission (CFTC) have confirmed that
bitcoin is a commodity.
Saylor previously explained that Microstrategy
is investing in BTC ‘for the long term.’ He
added: ‘Our strategy is to buy bitcoin and hold
the bitcoin, so there’s no price target … I
expect bitcoin is going to go into the millions.
So, we’re very patient. We think it’s the future
of money.’