Business analytics company MicroStrategy plans to increase its holdings of Bitcoin (BTC), reiterating CEO Michael Saylor’s strong perspective on the digital asset in spite of recent setbacks.
MicroStrategy, the largest institutional purchaser of Bitcoin (BTC), has a deal to sell $500,000,000 worth of its combined class A common shares with two agents: Cowen & Company and BTIG according to a Securities and Exchange Commission (SEC) filing.
Michael Saylor, a proponent of Bitcoin, co-founded MicroStrategy, which over time acquired roughly 129,699 BTC for a total purchase price of $3.977 billion. The business analytics software company keeps working toward its objective of buying additional BTC by selling company stock despite market turbulence. The document stated:
“We intend to use the net proceeds from the sale of any class A common stock offered under this prospectus for general corporate purposes, including the acquisition of bitcoin, unless otherwise indicated in the applicable prospectus supplement.”
Michael Saylor is still optimistic about the long-term potential of Bitcoin, and the Entrepreneur reaffirmed to his 2.5 million Twitter followers that the company intends to “HODL through adversity” and has no intentions to sell its holdings.
Since their initial purchase in August 2020, Michael Saylor and MicroStrategy have steadily expanded their holdings of Bitcoin at various price points, demonstrating their unwavering commitment to the leading cryptocurrency.
The firm is now the largest corporate Bitcoin holder as it currently holds approximately 129,699 bitcoins. They began acquiring Bitcoin for its balance sheet in August 2020. Their total stash cost around $4 billion to acquire at an average of $30,664 per coin, meaning the firm’s investment has a net unrealized loss of almost $1.2 billion.