Kevin Helms
An Austrian economics student, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.
Microstrategy buys more Bitcoin after SEC says BTC is a commodity – The company now has 129,699 Bitcoins – Featured Bitcoin news
Microstrategy has bought more bitcoin in the middle of heavy sales in the market. The announcement followed a clarification from the chairman of the board of the US Securities and Exchange Commission (SEC), Gary Gensler, that bitcoin is a commodity.
Microstrategy Buys the Dip
The Nasdaq-listed software company Microstrategy has bought the bitcoin dip again. In a Wednesday filing with the US Securities and Exchange Commission (SEC), the company stated that in the period between May 3 and June 28, it “acquired approximately 480 bitcoins for approximately $ 10.0 million in cash, at an average price of approximately $ 20,817 per year. bitcoin, including fees and expenses. “The archive adds:
As of June 28, 2022, Microstrategy, together with its subsidiaries, had a total number of approximately 129,699 bitcoins.
Overall, the company’s BTC “was acquired at a total purchase price of approximately $ 3.98 billion and an average purchase price of approximately $ 30,664 per bitcoin, including fees and expenses,” the filing further details.
Microstrategy recently dispelled rumors that it may face a margin requirement on a bitcoin-backed loan from Silvergate Bank.
Michael Saylor, CEO of the Nasdaq-listed software company, said in May: “We are in the long run … Our strategy is to buy bitcoin and keep bitcoin, so there are no price targets. I expect that we will buy bitcoin at the local top forever. ” He added: “I expect bitcoin to go up in the millions. So we are very patient. We believe it is the future of money. “
Microstrategy’s latest announcement on the purchase of bitcoin followed a statement from SEC Chairman Gary Gensler earlier this week which made it clear that bitcoin is a commodity. The company was in the middle of acquiring the latest batch of BTC when Gensler commented that BTC was a commodity.
Saylor tweeted in response to Gensler’s clarification:
Bitcoin is a commodity, which is essential for any reserve asset.
He continued: “This allows politicians, agencies, governments and institutions to support bitcoin as a technology and digital resource to boost the economy and extend property rights and freedom to all.”
Bitcoin, which is a commodity, falls under the Commodity Futures Trading Commission (CFTC). The chairman of the derivatives watchdog, Rostin Behnam, recently said that bitcoin and ether are commodities.
The SEC has tried to cooperate with the CFTC on cryptocurrency regulation. Last week, Gensler proposed having “one rulebook” for regulating crypto trading. The SEC chairman warned last month that many cryptocurrencies will fail.
What do you think about Microstrategy buying bitcoin-dip? Let us know in the comments section below.
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