Breaking: MicroStrategy Sells 704 Bitcoins (BTC) For First Time Due To This Reason

According to a filing with the SEC, the crypto-favoring company MicroStrategy has increased its Bitcoin (BTC) holdings by purchasing approximately 2,395 BTC for a total of $42.8 million in cash between November 1 and December 21. This transaction took place through the company’s MacroStrategy subsidiary. However, according to the official announcement, the company has also parted ways with a small chunk of its Bitcoin assets.

MicroStrategy Sells 704 Bitcoins

The following day, on December 22, the corporation sold approximately 704 Bitcoin for a total of $11.8 million, with the expectation that the loss will outweigh prior capital gains. The transaction that could result in a tax benefit took place at an average price of around $16,776 per Bitcoin.

Read More: Crypto Analyst Predicts Bitcoin (BTC) Bull Run In 2023

Bitcoin maximalist Michael Saylor made the announcement on Wednesday that MicroStrategy has purchased 2,500 Bitcoins for around $42.8 million. As of the 27th of December, the firm possesses close to 132,500 Bitcoins, which were purchased for more than $4 billion at an average price of $30,397 per coin.

The U.S. based analytics company said in its filing,

MacroStrategy acquired approximately 810 bitcoins for approximately $13.6 million in cash, at an average price of approximately $16,845 per bitcoin, inclusive of fees and expenses.

MicroStrategy’s Crypto Push

According to the filing made on December 28th, the business has reportedly sold approximately $46.4 million worth of shares, which is part of a previously revealed strategy to sell up to $500 million worth of Class A common stock; that it can use to raise the amount of Bitcoin it possesses.

During premarket trading, the price of MSTR shares has moved fractionally higher.  And, at the time of writing, the price of Bitcoin is presently being traded at $16,660. This represents a decrease of 1.09% on the day, with a further decline of 1.10% during the week as per crypto market tracker CoinMarketCap.

Also Read: Popular Crypto Influencer Picks His Top 3 Cryptos For 2023 Bull Run

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.