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

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

Michael Saylor’s MicroStrategy continues to be optimistic about the future of Bitcoin (BTC) despite the current market downturn. The US company purchased nearly 2,395 BTC from early November through December 21, 2022. According to the company’s filing with the SEC, the purchase cost the company $42.8 million, with each bitcoin costing an average of $17 $871. Notably, MicroStrategy made the purchase of BTC in cash.

Read the price prediction for Bitcoin [BTC] 2023-24

Although the company added more parts, it also sold some for the first time. The filing indicated that MicroStrategy sold approximately 704 BTC on December 22, 2022. This sale added $11.8 million to the company’s balance sheet, with each BTC selling for an average of $16,776. This decision was, however, influenced by the potential tax benefit the company would enjoy. The deposit read,

“MicroStrategy expects to carry forward capital losses resulting from this transaction against prior capital gains, to the extent such carryovers are available under current federal income tax laws, which may generate an advantage tax.”

MicroStrategy continues to focus on the future value of BTC

Following this, the American firm bought 810 Bitcoins on December 24, 2022, for $13.6 million in cash. The company paid around $16,845 for each BTC in this buying round.

The new round of purchases leaves MicroStrategy with nearly 132,500 BTC as of December 27, 2022. The total amount of BTC was purchased for nearly $4.03 billion, with each BTC costing nearly $30,397. The record also read,

“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.”

Notably, the firm made the huge purchase just as Bitcoin remains in the clutches of the bear. According to TradingView, as of December 2022, the king coin was trading between a high of $18,385 and a low of $16,273. Meanwhile, the coin fell to its lowest level for this year in November 2022, with Bitcoin trading at $15,460.

At press time, the king coin was trading at $16,706.31 with a market capitalization of $321 billion, according to CoinMarketCap. The coin appeared to be moving sideways as no significant price changes were noted.

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