Michael Saylor continues to invest in Bitcoin with a $42.8 million purchase via MicroStrategy

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Michael Saylor at the Bitcoin 2022 conference in Miami. Source: A video screenshot, Youtube/Bitcoin Magazine

Michael Saylor, founder and former CEO of software company MicroStrategy, continues to demonstrate a bullish approach to bitcoin (BTC) with his latest investment of around $42.8 million in the top crypto.

In a recent filing with the Securities and Exchange Commission (SEC), the firm disclosed a purchase of approximately 2,395 bitcoins made in cash, at an average price of approximately $17,871 per bitcoin, including fees and expenses.

The company also sold off some of its crypto assets over the past week in an effort to optimize its taxes, the filing indicates.

“On December 22, 2022, MacroStrategy sold approximately 704 bitcoins for cash proceeds of approximately $11.8 million, at an average price of approximately $16,776 per bitcoin, net of fees and expenses. 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 result in a tax benefit. “, indicates the press release.

“On December 24, 2022, MacroStrategy acquired approximately 810 bitcoins for approximately $13.6 million in cash, at an average price of approximately $16,845 per bitcoin, including fees and expenses,” according to the company.

MicroStrategy said that as a result of the aforementioned transactions, the company, along with its offshoots, 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 October 27, 2022. December 2022.

“The approximately 132,500 bitcoins held by MicroStrategy and its subsidiaries as of December 27, 2022 were acquired at an aggregate purchase price of approximately $4.03 billion and an average purchase price of approximately $30,397 per bitcoin, including fees and expenses,” according to the filing. .

Over the past few years, the MicroStrategy founder has established himself as a bitcoin bull, using his platform to promote crypto and encourage fellow entrepreneurs to invest in crypto. Last October, the businessman said that BTC was the only money that had the potential to align “all interests to focus on peaceful engagement, rational action, and productive industry.”

In a December 14 tweet, Saylor came out in support of Bitcoin’s design, saying the crypto is superior to tokens based on proof-of-stake protocols, such as Ethereum (ETH).

The best crypto” is designed to be stable, robust, and increasingly secure and efficient over time based on advances in proof-of-work and ASIC technology. Proof of Stake protocols are inherently unstable, inefficient , opaque and risky due to their fragile design,” he said.

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