MicroStrategy Sells Off Bitcoin for First Time—Then Buys Even More
American software company MicroStrategy, the largest corporate holder of $Bitcoin (BTC.CC)$ reserves, disclosed on Wednesday that it sold some of its holdings for the first time ever on December 22.
But the move doesn’t signal a retreat from Bitcoin for the company and its famously bullish co-founder Michael Saylor, as MicroStrategy has since purchased even more BTC.
MicroStrategy sold 704 BTC for about $11.8 million on December 22, the company wrote today in a filing with the United States Securities and Exchange Commission (SEC)—a move that may benefit the company in terms of tax liabilities, given how much value BTC has lost since MicroStrategy first began acquiring the cryptocurrency in 2020.
“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 company wrote.
However, the firm then turned around and purchased 810 BTC for about $13.6 million on December 24. Paired with another 2,395 BTC that the company said it purchased between November 1 and December 21 for a total of $42.8 million, MicroStrategy has now added about 2,500 BTC to its overall tally since the start of last month.
That puts the company’s total Bitcoin holdings at approximately 132,500 BTC, currently valued at just over $2.2 billion based on the current Bitcoin price of about $16,735, per CoinGecko.
$Ethereum (ETH.CC)$ $FarmaTrust (FTT.CC)$ $XRP (XRP.CC)$ $Coinbase (COIN.US)$
But the move doesn’t signal a retreat from Bitcoin for the company and its famously bullish co-founder Michael Saylor, as MicroStrategy has since purchased even more BTC.
MicroStrategy sold 704 BTC for about $11.8 million on December 22, the company wrote today in a filing with the United States Securities and Exchange Commission (SEC)—a move that may benefit the company in terms of tax liabilities, given how much value BTC has lost since MicroStrategy first began acquiring the cryptocurrency in 2020.
“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 company wrote.
However, the firm then turned around and purchased 810 BTC for about $13.6 million on December 24. Paired with another 2,395 BTC that the company said it purchased between November 1 and December 21 for a total of $42.8 million, MicroStrategy has now added about 2,500 BTC to its overall tally since the start of last month.
That puts the company’s total Bitcoin holdings at approximately 132,500 BTC, currently valued at just over $2.2 billion based on the current Bitcoin price of about $16,735, per CoinGecko.
$Ethereum (ETH.CC)$ $FarmaTrust (FTT.CC)$ $XRP (XRP.CC)$ $Coinbase (COIN.US)$
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