Breaking: Michael Saylor Buying More Bitcoin (BTC) With Microstrategy Fund
Michael Saylor Microstrategy Bitcoin News: American software company Microstrategy is known for its aggressive Bitcoin buying strategy. The company, under cofounder Michael Saylor’s leadership, placed huge confidence in Bitcoin’s growth by accumulating large volumes of BTC. The Bitcoin purchases were made at various price dip levels over the past two years but the recent bear market incurred it heavy unrealized losses as the crypto market crashed hard due to shock incidents like the FTX collapse. Meanwhile, it appears that Saylor could again have a chance to accumulate more BTC with this latest development.
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As has always been the case with Saylor, he continues to advocate for a better regulatory environment for Bitcoin’s progress. Recently, the Microstrategy cofounder criticized Berkshire Hathaway vice chairman Charlie Munger for his lack of knowledge on Bitcoin.
More Funds With Michael Saylor To Buy Bitcoin?
In a latest filing with the U.S. Securities and Exchange Commission (SEC), Microstrategy revealed it gained $46 million from share sale in recent times. This gains importance due to the fact that the company had on most occasions used funds from previous share sales for buying more Bitcoin. The software company holds the unique distinction of being the largest institutional holder of BTC. A September 2022 SEC filing by the company said it wants to sell $500 million in stocks to buy more BTC.
The Microstrategy SEC filing said,
“We have sold 218,575 of our shares of our class A common stock for aggregate gross proceeds of approximately $46,600,000.”
Recently, the company spent around $6 million to buy BTC at average price of $19,851 per token. As of writing, the No. 1 cryptocurrency’s price stands at $23,871, down 2% in the last 24 hours, according to CoinGape price tracker.
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The latest SEC filing further said Microstrategy plans to use the share sale proceeds to buy more Bitcoin. “We intend to use the net proceeds from this offering for general corporate purposes, including the acquisition of bitcoin and working capital.”
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