- Michael Saylor raises a whopping $46 million in shares sale for MicroStrategy. The share sales hints at a potential Bitcoin purchase in the future.
- Saylor is still bullish on Bitcoin and its capacity to make global economic change.
New development hints at a potential Bitcoin purchase from the Founder and Chairman of MicroStrategy. According to a recent filing with the U.S. Securities and Exchange Commission (SEC), Microstrategy secured a whopping $46 million in share sales.
According to the filing, which dates back to September 9, 2022, “We have sold 218,575 of our shares of our class A common stock for aggregate gross proceeds of approximately $46,600,000.”
The shares sale particularly holds a lot of importance in the Bitcoin community, as it reinforces the possibility of the firm potentially purchasing large amounts of Bitcoin in the future. In the past, MicroStrategy has solidified its position in the Bitcoin market as a committed institutional investor with multiple staggering Bitcoin (BTC) purchases.
In addition, the filing reads that “We intend to use the net proceeds from this offering for general corporate purposes, including the acquisition of bitcoin and working capital.”
MicroStrategy has notably made multiple Bitcoin purchases with profits from shares sales in the past. In December 2022, Saylor revealed that MicroStrategy increased its Bitcoin holdings by 2,500 BTC.
At the time, MicroStrategy’s total Bitcoin holdings totaled at a staggering $4.03 billion, at an average price of $30,397 per Bitcoin. It was the highest amount of BTC held by a traditional institutional player. However, it is worth noting that with the drop in Bitcoin’s value, the holdings declined to $2.1 billion in December 20222.
Michael Saylor champions Bitcoin and its global uses cases and economical benefits
Micheal Saylor is still very resilient in his support for the apex cryptocurrency Bitcoin. Since the start of the new year, Saylor has remained bullish on Bitcoin, and proposed many reasons why the asset is still a superior investment choice for other institutional players.
In his most recent tweet, Saylor shared a screenshot revealing the performance of Bitcoin against other traditional assets in the market. Per the screenshot, Bitcoin had outperformed the S&P 500, Nasdaq, Gold, Bonds and Silver since August 2020. Saylor responded to the data on Twitter, saying that “The Bitcoin Strategy is the Winning Strategy.”
The #Bitcoin Strategy is the Winning Strategy. pic.twitter.com/AR9R1Dxj5G
— Michael Saylor (@saylor) February 17, 2023
In addition, Micheal Saylor is also championing the idea that Bitcoin could save Argentina from its economic challenges. In another tweet, Saylor noted that Argentina’s inflation rate has gone up by 99%. Although he doesn’t propose Bitcoin as legal tender for the country, he asserts that Bitcoin will greatly benefit Argentina.
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Saylor also shared similar sentiments with the Digital Asset Manager Blockchain Investment Group Eric Weiss. Weiss posted a video in January shared by Saylor, in which he discourages Bitcoin holders from selling their Bitcoins.
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