MicroStrategy Files With SEC To Buy More Bitcoins! Here’s the Quantity!

MicroStrategy sells up to $500 million of Class A stock and more bitcoin reported to the SEC for the acquisition.

MicroStrategy Wants to Generate New Source to Buy Bitcoin

In a new working document submitted by the company to the Securities and Exchange Commission (SEC), it is stated that it has signed an agreement with Cowen and Company and BTIG to sell up to $500 million worth of stock to buy more BTC.

The document submitted to the SEC stated that the net proceeds from the said offering will be used for certain corporate purposes, including the purchase of BTC.

It is not yet known how much of the net income will be allocated for the purchase of BTC.

MicroStrategy started adding BTC to its balance sheet under the direction of former CEO and Bitcoin bull Michael Saylor.

The famous billionaire, who resigned from his position at the company last month, continues to chair the company’s investment committee.

The new CEO of the company, Phong Le, said that they plan to hold Bitcoin in the long term.

It was noteworthy that these statements came at a time when MicroStrategy lost more than $ 900 million due to the decline in the crypto money market.

Also, the new CEO of the company said that they did not set a specific target for the amount of BTC they want to hold.

He added that they will continue to monitor market conditions while deciding whether additional resources are needed to buy more BTC.

How Much Bitcoin Does Microstrategy Have?

MicroStrategy is known as the corporate company that holds the most Bitcoin. The average purchase cost of the company, which holds 129699 BTC worth $2.77 billion at instant exchange rates, is known as $30,600.

Looking at it, the company currently has an unrealized loss of 30 percent from BTC. Saylor, the former CEO of the company, has stated many times before that their strategy is not a few months but 5-10 years and they want to hold assets in their hands.

*Not investment advice.