BREAKING: Michael Saylor Buys More Bitcoin With Microstrategy Fund – The Whales Are Back
- Michael Saylor raises a whopping $46M in stock sale for MicroStrategy. The stock selloff hints at a potential Bitcoin buy in the future.
- Saylor remains bullish on Bitcoin and its ability to effect global economic change.
New developments hint at a potential Bitcoin purchase by the founder and chairman of MicroStrategy. According to a recent filing with the US Securities and Exchange Commission (SEC), Microstrategy secured a whopping $46 million in share sales.
According to the filing, which is dated back to September 9, 2022, “we sold 218,575 of our shares of Class A common stock for aggregate gross proceeds of approximately $46,600,000.”
The share sale is particularly important in the Bitcoin community, as it reinforces the possibility that the company can potentially buy large amounts of Bitcoin in the future. Recently, MicroStrategy has solidified its position in the Bitcoin market as a committed institutional investor with several dizzying 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.”
In particular, MicroStrategy has made several Bitcoin purchases with profits from stock 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 stood 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 fall in Bitcoin’s value, its holdings fell to $2.1 billion in December 20222.
Michael Saylor champions Bitcoin and its global use cases and economic benefits
Micheal Saylor remains very resistant in his support for the apex cryptocurrency Bitcoin. Since the beginning of the new year, Saylor has been bullish on Bitcoin, suggesting many reasons why the asset remains a superior investment choice for other institutional players.
In his latest tweet, Saylor shared a screenshot that reveals the performance of Bitcoin against other traditional assets in the market. According to the screenshot, Bitcoin had outperformed the S&P 500, Nasdaq, gold, bonds and silver since August 2020. Responding to the data on Twitter, Saylor said that “the Bitcoin strategy is the winning strategy.”
The #Bitcoin Strategy is the winning strategy. pic.twitter.com/AR9R1Dxj5G
— Michael Saylor⚡️ (@saylor) 17 February 2023
In addition, Micheal Saylor champions the idea that Bitcoin can save Argentina from its economic challenges. In another chirpingSaylor noted that Argentina’s inflation rate has risen by 99%. Although he does not propose Bitcoin as legal tender for the country, he claims that Bitcoin will greatly benefit Argentina.
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Saylor also shared similar sentiments with Digital Asset Manager Blockchain Investment Group Eric Weiss. Weiss posted one video in January shared by Saylor, where he discourages Bitcoin holders from selling their Bitcoins.
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