MicroStrategy sells 704 bitcoins (BTC) for the first time for this reason

Crypto-currency-favoring company MicroStrategy increased its holdings of Bitcoin (BTC) by purchasing about 2,395 BTC for a total of $42.8 million in cash between Nov. 1 and Dec. 21, according to an SEC filing.

This transaction took place through the company’s MacroStrategy subsidiary. However, according to the official announcement, the company also divested a small portion of its bitcoin assets.

MicroStrategy sells 704 bitcoins

The next day, Dec. 22, the company sold about 704 bitcoins for a total of $11.8 million, expecting the loss to outweigh previous capital gains. The transaction, which could result in a tax benefit, occurred at an average price of about $16,776 per bitcoin.

Bitcoin maximalist Michael Saylor announced Wednesday that MicroStrategy had purchased 2,500 bitcoins for about $42.8 million. As of Dec. 27, the company has nearly 132,500 bitcoins, which have been purchased for more than $4 billion at an average price of $30,397 per coin.

During premarket trading, MSTR’s share price has risen fractionally. And as it stands, the price of bitcoin is currently trading at $16,660. That represents a 1.09% drop on the day, with a further 1.10% drop over the course of the week, according to crypto-currency market tracker CoinMarketCap.