Breaking: Michael Saylor Buys More Bitcoin (BTC), With Microstrategy Fund
Michael Saylor Microstrategy Bitcoin News – Microstrategy, an American software company, is well-known for its aggressive Bitcoin buying strategies. Under the leadership of Michael Saylor, cofounder, the company placed great confidence in Bitcoin’s future growth by accumulating large amounts of BTC. Although the Bitcoin purchases were made at different price levels over the past two year, the bear market caused it to incur large unrealized losses due to the shock incidents like FTX’s collapse. This latest development could give Saylor another chance to acquire more Bitcoin.
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Saylor continues to advocate for better regulation for Bitcoin’s growth, as he has done for years. The cofounder of Microstrategy, Charlie Munger, Berkshire Hathaway vice chair, was recently criticized for his inept knowledge about Bitcoin.
Microstrategy disclosed that it has gained $46 Million from recent share sales in a U.S. Securities and Exchange Commission filing. This is significant because the company has used funds from previous share sale transactions to buy more Bitcoin. The software company is the largest institutional holder in BTC. According to a September 2022 SEC filing, the company stated that it plans to sell $500 million of stocks in order to purchase more BTC.
According to the Microstrategy SEC filing,
“We have sold 218,575 shares of our common stock class A for an aggregate gross proceeds of $46,600,000.
The company spent $6 million recently to buy BTC at an average price of $19851 per token. The No. According to CoinGape, the No. 1 cryptocurrency’s value is $23,871, which is 2% less than the previous 24 hours.
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According to the latest SEC filing, Microstrategy plans on using the proceeds of share sales to purchase more Bitcoin. “We intend to use net proceeds from this offering for general corporate goals, including the acquisition and working capital of bitcoin.”
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