Software company Microstrategy is known for its aggressive bitcoin buying strategy. The company, under the leadership of co-founder Michael Saylor, has placed enormous faith in Bitcoin’s growth by accumulating large volumes of BTC.
Bitcoin purchases have been made at various price levels over the past two years, but the recent bear market has seen it suffer heavy unrealized losses as the crypto-currency market has collapsed sharply due to shocking incidents such as the FTX collapse. Meanwhile, it seems that Saylor might have a chance to accumulate more BTC again with this latest development.
As has always been the case with Saylor, he continues to advocate for a better regulatory environment for Bitcoin’s progress. Recently, the Microstrategy co-founder criticized Berkshire Hathaway Vice Chairman Charlie Munger for his lack of knowledge about bitcoin.
D’other funds with Michael Saylor to buy bitcoin?
In a latest filing with the Securities and Exchange Commission (SEC), Microstrategy has revealed that it has made $46 million selling stock in recent times. This information is especially important because the company has often used funds from previous stock sales to buy bitcoins. The software company has the distinction of being the largest institutional holder of BTC. In a September 2022 SEC filing, the company said it wanted to sell $500 million in shares to buy more BTC.
Microstrategy’s SEC filing said,
“We sold 218,575 shares of our Class A common stock for total gross proceeds of approximately $46,600,000.”
Recently, the company spent about $6 million to buy BTC at an average price of $19,851 per token. As of this writing, the No. 1 crypto-currency’s price stands at $23,871, down 2 percent in the past 24 hours.
The latest SEC filing further states that Microstrategy plans to use the proceeds from the sale of shares to buy more bitcoins. “We intend to use the net proceeds from this offering for general corporate purposes, including bitcoin acquisition and working capital.“