MicroStrategy adds 2,500 Bitcoin (BTC) to its bag; sells some

MicroStrategy adds 2,500 Bitcoin

(BTC) to its bag; sells some

December 28, 2022

By Priya NV

MicroStrategy increased its Bitcoin (BTC) holdings by 2,500 between November and December
The American firm also made its first Bitcoin sale for an average of $16,776 for each BTC

Michael Saylor’s MicroStrategy continues to be bullish on Bitcoin‘s (BTC) future despite the current market downturn. The American firm purchased nearly 2,395 BTCs from the start of November to December 21, 2022. According to the firm’s SEC filing, the purchase cost the firm $42.8 million, with each Bitcoin costing an average of $17,871. Notably, MicroStrategy made the BTC purchase in cash.

While the company did add more coins, it has also sold some for the first time. The filing stated that MicroStrategy sold approximately 704 BTCs on December 22, 2022. This sale added $11.8 million to the firm’s balance sheet, with each BTC selling for an average amount of $16,776. This move, however, was influenced by the potential tax benefit the firm would gain.