- MicroStrategy is holding approximately 130,000 bitcoins valued at around $2 billion.
- While writing this article Bitcoin is trading at $21,497.56
MicroStrategy is planning to sell its stock amounting to $500 million to purchase more cryptocurrencies.
The SEC(U.S Securities and Exchange Commission) noted in Friday’s Filling that Stock Offering will be for “general corporate purposes, including the acquisition of Bitcoin.”
As per recent reliable information, Michael Saylor, who was operating Chief Executive Officer of MicroStrategy, resigned from his position of CEO and acquired a new position of Executive Chairman in the firm with the motto of purchasing Bitcoins.
Since 2020 Saylor has used all the amount collected from Stocks and Bonds, offering to purchase approximately 130,000 bitcoins valued at around $2 billion.
District of Columbia recently Sued Saylor and MicroStrategy for Evading taxes on Michael Saylor’s earnings in the district.
Two major investment banks, Cowen and BTIG, which cover crypto-related stocks, are now leading Stock offerings.
It merits recollecting that on 11 August 2020, MicroStrategy declared through a public statement that it had bought 21,454 bitcoins at a total price tag of $250 million” to use as an “essential depository save resource.
Two years ago, @MicroStrategy embarked on a #Bitcoin strategy, adopting BTC as its primary treasury reserve asset, acquiring 21,454 bitcoins at an aggregate purchase price of $250 million or ~$11,653 per bitcoin.
— Michael Saylor
Bitcoin is the biggest and most popular cryptocurrency in the crypto market. According to the data of CoinMarketCap, Bitcoin registered a hike of around 11 percent in the last 24 hours and crossed $21,000. Several Crypto analysts believe that the continuous function in the prices of Bitcoin and many other cryptocurrencies is because of ongoing volatility in the market.
Ethereum also registered an upwards trend of around Six percent in the last 24 hours, and While writing this article, Ethereum is trading at $1,731.02. And at the same time, Bitcoin is trading at $21,497.56.
Canada-based cryptocurrency Coinberry lawsuits its 50 users regarding obtaining free Bitcoin after the time when the software was facing a technical glitch.
Source: https://www.thecoinrepublic.com/2022/09/10/microstrategy-is-planning-to-raise-500-million-to-purchase-bitcoin/