MicroStrategy buys another $56.4 million worth of Bitcoin

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  • MicroStrategy reportedly bought approximately 2,500 BTC between November 1, 2022 and December 24.
  • The company now has 132,500 BTC acquired for approximately $4.03 billion.
  • Microstrategy, however, sold 704 BTC for $11.8 million on December 22, which it said was a tax benefit.

MicroStrategy, a publicly traded company that is the world’s largest corporate holder BitcoinDespite the turmoil in the market at the beginning of November, more purchases of the flagship cryptocurrency have been reported.

According to Admission In a December 28 submission to the US Securities and Exchange Commission (SEC), MicroStrategy says it purchased an additional 2,500 bitcoins between November 1 and December 24, 2022.

Overall, the software analytics and business intelligence firm bought about $56.4 million worth of bitcoin in about two months and $4.03 billion in total.

MicroStrategy now holds 132,500 bitcoin

As crypto navigated the turmoil caused by the collapse of FTX, which saw crypto price hitting new multi-year lows, MicroStrategy saw an opportunity buy bitcoin, In short, the company added 2,395 bitcoins worth $42.8 million to its holdings between November 1 and December 21, 2022.

Total BTC acquisitions during this period amounted to $42.8 million at an average purchase price of $17,871 per coin.

On December 22, 2022, MicroStrategy sold 704 bitcoins for $11.8 million. According to the company, the sale took place at an average price of $16,776 per coin. Although the sale was loss-making, the company plans to set off the capital loss against capital gains made earlier.

MicroStrategy went back to the market on 24 December 2022, despite the BTC selloff. It bought 810 bitcoins at an average price of $16,845 and a total outlay of $13.6 million. As of 27 December 2022, the company had added 2,500 bitcoins at a total cost of $56.4 million.

According to this report, MicroStrategy increased its bitcoin holdings from 130,000 BTC at the end of October to 132,500 bitcoin by December 27, 2022.

The recent purchases mean that MicroStrategy has spent $4.03 billion on acquiring BTC since its first purchase in 2020. The average purchase price for the coins is currently $30,397 per bitcoin.

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