On Wednesday, Bitcoin maximalist Michael Saylor revealed that MicroStrategy had bought 2,500 Bitcoins. According to an SEC filing, MicroStrategy had almost 132,500 bitcoin in its possession as of December 27. This amount reflects Bitcoins purchased by the company for over $4 billion at an average price of $30,397 per Bitcoin.
“MicroStrategy, together with its subsidiaries, increased its bitcoin holdings by 2,500 bitcoins, from approximately 130,000 bitcoins as of October 31, 2022, to approximately 132,500 bitcoins as of December 27, 2022,” the company said in a filing.
From November 1 to December 21, MicroStrategy spent around $42.8 million for 2,395 Bitcoins via its wholly-owned subsidiary MacroStrategy. In addition, on December 22, for taxation purposes, MacroStrategy sold approximately 704 bitcoins at an average price of almost $16,776 for cash proceeds of $11.8 million.
This was MicroStrategy’s first Bitcoin sale. However, on December 24, MacroStrategy purchased about 810 bitcoins for nearly $13.6 million in cash.
MicroStrategy purchased approximately 301 Bitcoins between August 2, 2022, and September 19, 2022, bringing the company’s total Bitcoin holdings to 130,000. In addition, through investment banks Cowen & Co. and BTIG LLC, the business raised $500 million by selling Class A MSTR shares. The funds raised were put toward “general corporate purposes,” which included buying bitcoin.
Saylor thrashes Ethereum
Even though Saylor has been a vocal proponent of Bitcoin, he does not seem to feel the same about Ethereum. The former CEO of MicroStrategy warned earlier this month that an incident on the scale of LUNA might affect Ethereum. The debate centered on Saylor’s view that other cryptocurrencies, such as Ethereum, are more volatile than bitcoin.
The tweet referenced a YouTube video from Trader University that provided background on the Ethereum blockchain and the potential issues it poses for the PoS network. Because there is currently no way to withdraw staked ETH, this underscores the fact that the Ethereum network is dependent on it to function.
