MicroStrategy Did What CEO Michael Saylor Thought Would Never Happen
- MicroStrategy sold some bitcoin holdings, but is still a net buyer.
- Wednesday’s announcement by the company reveals that 704 bitcoin were sold last week for approximately $11.8 million. This is for tax reasons.
- “Never. No. CEO Michael Saylor stated in January that they aren’t sellers. “We’re only buying and holding bitcoin,” CEO Michael Saylor stated in January. This is our strategy.
MicroStrategy sold bitcoin its first time after CEO Michael Saylor stated early this year that such an event would never happen.
The tax reasons for the sale of 704 bitcoins by an enterprise-software firm on December 22 yielded approximately $11.8 Million, according to a Wednesday filing first reported by Bloomberg.
MicroStrategy is still a net buyer for the largest cryptocurrency market capitalization. It purchased 2,395 bitcoin tokens between November 1, and December 21, for $42.8 million.
MicroStrategy didn’t immediately respond to Insider’s request for comment.
MicroStrategy, the first US-listed company to buy and hold Bitcoin in its balance sheet, became publicly traded in the latter half of 2020.
It has continued to build its bitcoin stockpile and even taken out billions of dollars of debt to buy more. MicroStrategy had close to 132,500 bitcoin valued at $4 billion as of December 27th and paid an average of $303,397 per token.
MicroStrategy is currently the largest corporate purchaser of bitcoin. It has fallen 64% over the last year and now trades for just over $16,600.
Rumours were denied and denied by the firm in June that a $205 million loan backed by bitcoin had been margin calledAfter the firm’s chief investor officer warned of such an event if bitcoin fell below $21,000, the firm complied with its warning.
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