Michael Saylor Continues to Invest in Bitcoin with $42.8 Million Purchase Through MicroStrategy

Author

Jaroslaw Adamowski

Author

Jaroslaw Adamowski

Author Profile

Share

Copied

Last updated:

June 26, 2023 06:53 EDT

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more

Michael Saylor, the founder and former CEO of software firm MicroStrategy, continues to demonstrate a bullish approach to bitcoin (BTC) with his latest investment of about $42.8 million in the top crypto. 

In a recent filing with the Securities and Exchange Commission (SEC), the business disclosed a purchase of about 2,395 bitcoins made with cash, at an average price of some $17,871 per bitcoin, inclusive of fees and expenses.

The firm has also sold some of its crypto assets over the past week with the aim to optimize its taxes, as indicated by the filing. 

“On December 22, 2022, MacroStrategy sold approximately 704 bitcoins for cash proceeds of approximately $11.8 million, at an average price of approximately $16,776 per bitcoin, net of fees and expenses. MicroStrategy plans to carry back the capital losses resulting from this transaction against previous capital gains, to the extent such carrybacks are available under the federal income tax laws currently in effect, which may generate a tax benefit,” the statement said. 

“On December 24, 2022, 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,” according to the firm.

MicroStrategy said that, following the above-mentioned transactions, the business, together with its offshoots, expanded its bitcoin holdings by 2,500 bitcoins, from about 130,000 bitcoins as of October 31, 2022, to about 132,500 bitcoins as of December 27, 2022. 

“The approximately 132,500 bitcoins held by MicroStrategy and its subsidiaries as of December 27, 2022 were acquired at an aggregate purchase price of approximately $4.03 billion and an average purchase price of approximately $30,397 per bitcoin, inclusive of fees and expenses,” according to the filing. 

Over the past years, MicroStrategy’s founder has established himself as a bitcoin bull, benefiting from his platform to promote crypto and encourage fellow entrepreneurs to invest in crypto. Last October, the businessman said that BTC is the only money that has the potential to align “all interests to focus on peaceful engagement, rational action, & productive industry.”

In a December 14 tweet, Saylor spoke in favor of bitcoin’s design, declaring the crypto superior to tokens based on proof of stake protocols, such as ethereum (ETH). 

The top crypto “is engineered to be stable, robust, and increasingly secure & efficient over time based on Proof of Work and ASIC technology advances. Proof of Stake protocols are inherently unstable, inefficient, opaque, and risky due to their fragile design,” he said.