More bitcoins! MicroStrategy, Unfazed by Bear Market, Wants to Buy More Crypto | bitcoinist.com

[ad_1]

Bitcoin price gained momentum on Saturday, rapidly rising more than 10% to break above the $21,000 level.

Market sentiment turned more bullish following MicroStrategy’s filing with the U.S. Securities and Exchange Commission selling $500 million worth of MSTR stock to buy additional bitcoin.

As of this writing, Bitcoin is trading at $21,434, up 8.3% over the past seven days, according to data from Coingecko.

The publicly traded software company holds over 129,700 BTC, making it the largest company holding the most popular cryptocurrency in the world.

MicroStrategy disclosed in a prospectus filed with the SEC on Friday that it had reached an agreement with investment bank Cowen & Co. to offload up to half a billion dollars of Class A common stock from MSTR.

Former MicroStrategy CEO Michael Saylor. Image: Bitcoin Magazine

What bear market? MicroStrategy wants more Bitcoin

This is the first tangible indication that MicroStrategy founder Michael Saylor, who recently stepped down as CEO to become executive chairman and focus on buying bitcoin, is not giving up on his ambitious plan to transform the business. into a cryptocurrency proxy.

MicroStrategy, which now has Phong Le as its new chief executive, announced a loss of more than $1 billion in the second quarter after the price of BTC hit an all-time high.

Since 2020, Saylor has used the funds raised through the sale of stocks and bonds to acquire approximately 130,000 BTC to the tune of over $2 billion.

The former CEO, who co-founded MicroStrategy in 1989, serves as executive chairman to this day.

MicroStrategy said in a filing that the company could use the net proceeds from this offering to acquire additional Bitcoins.

MicroStrategy stock pegged to BTC price

The company issued a warning about Bitcoin’s fluctuations and sharp price movements, which caused the largest cryptocurrency by market capitalization to trade below $20,000 earlier this week.

According to data from CoinMarketCap, this number is a far cry from the all-time high of $68,789 in November last year.

In light of this year’s market volatility, MicroStrategy’s shares became pegged to the price of Bitcoin, resulting in a $1.2 billion loss on its Bitcoin bet. On Friday, however, shares were up 12% as BTC rose almost 10%.

Microstrategy owns 129,699 bitcoins, which it acquired for a total of $3.9 billion and an average price of around $30,666 per coin. In fact, MicroStrategy holds 14,590 BTC and its subsidiary, MacroStrategy LLC, holds 115,111 units.

The District of Columbia recently filed a lawsuit against MicroStrategy and Saylor for allegedly evading taxes on Saylor’s income in the District.

BTC total market cap at $413 billion on the daily chart | Source: TradingView.com

Featured image from Nairametrics, chart from TradingView.com

[ad_2]

Source link

Recent Articles

Terra Luna

Wolverine Coin

TABOO TOKEN

Crypto Heirloom

spot_img

Related Stories

Stay on op - Ge the daily news in your inbox

bitcoin
Bitcoin (BTC) $ 16,983.92
ethereum
Ethereum (ETH) $ 1,256.50
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 288.35
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.384078
dogecoin
Dogecoin (DOGE) $ 0.100496
cardano
Cardano (ADA) $ 0.31721
matic-network
Polygon (MATIC) $ 0.908275
polkadot
Polkadot (DOT) $ 5.46
staked-ether
Lido Staked Ether (STETH) $ 1,240.47
litecoin
Litecoin (LTC) $ 79.15
shiba-inu
Shiba Inu (SHIB) $ 0.000009
okb
OKB (OKB) $ 21.30
dai
Dai (DAI) $ 1.01
solana
Solana (SOL) $ 14.03
tron
TRON (TRX) $ 0.052801
uniswap
Uniswap (UNI) $ 6.10
avalanche-2
Avalanche (AVAX) $ 13.60
leo-token
LEO Token (LEO) $ 3.88
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 16,945.31
chainlink
Chainlink (LINK) $ 7.22
cosmos
Cosmos Hub (ATOM) $ 10.14
ethereum-classic
Ethereum Classic (ETC) $ 19.38
the-open-network
The Open Network (TON) $ 1.82
monero
Monero (XMR) $ 143.99
stellar
Stellar (XLM) $ 0.085903
bitcoin-cash
Bitcoin Cash (BCH) $ 111.17
quant-network
Quant (QNT) $ 123.30
crypto-com-chain
Cronos (CRO) $ 0.066839
algorand
Algorand (ALGO) $ 0.235252
filecoin
Filecoin (FIL) $ 4.52
apecoin
ApeCoin (APE) $ 4.12
near
NEAR Protocol (NEAR) $ 1.72
vechain
VeChain (VET) $ 0.019181
hedera-hashgraph
Hedera (HBAR) $ 0.048722
internet-computer
Internet Computer (ICP) $ 4.33
flow
Flow (FLOW) $ 1.10
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 43.65
terra-luna
Terra Luna Classic (LUNC) $ 0.000173
frax
Frax (FRAX) $ 1.00
eos
EOS (EOS) $ 0.932363
axie-infinity
Axie Infinity (AXS) $ 8.81
trust-wallet-token
Trust Wallet (TWT) $ 2.32
the-sandbox
The Sandbox (SAND) $ 0.608587
tezos
Tezos (XTZ) $ 1.01
aave
Aave (AAVE) $ 63.61
theta-token
Theta Network (THETA) $ 0.881997
huobi-token
Huobi (HT) $ 6.61
chiliz
Chiliz (CHZ) $ 0.161705
lido-dao
Lido DAO (LDO) $ 1.07
chain-2
Chain (XCN) $ 0.03945
true-usd
TrueUSD (TUSD) $ 0.999355
bitcoin-sv
Bitcoin SV (BSV) $ 41.64
paxos-standard
Pax Dollar (USDP) $ 0.999542
decentraland
Decentraland (MANA) $ 0.418771
usdd
USDD (USDD) $ 0.981416
aptos
Aptos (APT) $ 5.29
bittorrent
BitTorrent (BTT) $ 0.00000069820307
kucoin-shares
KuCoin (KCS) $ 6.57
fantom
Fantom (FTM) $ 0.248086
pancakeswap-token
PancakeSwap (CAKE) $ 3.95
zcash
Zcash (ZEC) $ 45.82
tokenize-xchange
Tokenize Xchange (TKX) $ 7.48
gemini-dollar
Gemini Dollar (GUSD) $ 1.00
iota
IOTA (MIOTA) $ 0.212538
whitebit
WhiteBIT Token (WBT) $ 4.82
maker
Maker (MKR) $ 635.41
compound-usd-coin
cUSDC (CUSDC) $ 0.022689
ecash
eCash (XEC) $ 0.00003
klay-token
Klaytn (KLAY) $ 0.185018
gatechain-token
Gate (GT) $ 3.64
dash
Dash (DASH) $ 46.15
neo
NEO (NEO) $ 6.98
arweave
Arweave (AR) $ 9.53
pax-gold
PAX Gold (PAXG) $ 1,775.82
the-graph
The Graph (GRT) $ 0.06448
osmosis
Osmosis (OSMO) $ 0.96492
havven
Synthetix Network (SNX) $ 1.92
compound-ether
cETH (CETH) $ 25.25
curve-dao-token
Curve DAO (CRV) $ 0.671048
mina-protocol
Mina Protocol (MINA) $ 0.571023
cdai
cDAI (CDAI) $ 0.022321
gmx
GMX (GMX) $ 51.14
tether-gold
Tether Gold (XAUT) $ 1,717.62
thorchain
THORChain (RUNE) $ 1.38
btse-token
BTSE Token (BTSE) $ 2.53
ethereum-pow-iou
EthereumPoW (ETHW) $ 3.76
rocket-pool
Rocket Pool (RPL) $ 19.93
frax-share
Frax Share (FXS) $ 5.21
nexo
NEXO (NEXO) $ 0.65975
ethereum-name-service
Ethereum Name Service (ENS) $ 13.91
blockstack
Stacks (STX) $ 0.262609
immutable-x
ImmutableX (IMX) $ 0.486322
basic-attention-token
Basic Attention (BAT) $ 0.232158
zilliqa
Zilliqa (ZIL) $ 0.022677
radix
Radix (XRD) $ 0.034117
1inch
1inch (1INCH) $ 0.481606
bitdao
BitDAO (BIT) $ 0.301649