Microstrategy Adds 2500 Bitcoins To Its Already Stacked Bitcoin Portfolio
Despite the thickening crypto winter, MicroStrategy, a business intelligence firm, has acquired more Bitcoins. It has acquired a total of 132,500 bitcoins from a total of 130,000 bitcoins in its possession previously, with an addition of 2500 bitcoins.
Investors Are Still Stacking Crypto In This Heat
In the middle of this volatile and crucial market scenario, it is surprising to see an investor acquiring additional crypto tokens when many are racing to liquidate their investments and profit.
Michael Saylor’s Microstrategy is one that has made this move, having amassed almost 2500 Bitcoins from November to this month.
The cost of purchasing these Bitcoins was estimated to be around $46 million, with each bitcoin costing around $17,000 at the time.
This acquisition was done entirely in cash by Microstrategy.
Despite the crypto winter, Micro strategy retains its positive stance. It feels Bitcoin has a bright future ahead of it and is prepared to be in attendance with a full sack of Bitcoins.
More Buys And Sales, More Tax Benefits For The Firm
However, while adding additional Bitcoins to its portfolio, it made its first sale. This month, it was revealed that Microstrategy sold 706 bitcoin to the market.
This sale alone increased the firm’s balance sheet by around $12 million, as it sold each of its bitcoin holdings for 16,700.
This sale was claimed to have been advocated for because of the tax benefits it would bring.
According to a report, Microstrategy intends to use this as a strategy to recoup the losses on these capital gains, which may result in a tax benefit for the company.
Following the sales on the 22nd of December, the firm obtained over 800 bitcoins on the 24th of this month, each worth $16,800.
This stance in buying more Bitcoins has resulted in an additional 2500 bitcoin being added to the firm’s 130,000 worth of Bitcoin in its reserves.
The firm purchased Bitcoins even during the down market, demonstrating its consistent bullish stance in Bitcoin and belief that the market will rise in the future.
Currently, Bitcoin is sitting on the $16,000 mark with a market cap of over $300 billion.
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