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MicroStrategy Sells Bitcoin Holdings

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Economic intelligence company MicroStrategy recently announced that it acquired approximately 2,395 Bitcoins for a purchase price of approximately $42.8 million between November 1 and December 1. 21, according to the most recent administrative filing.

This brings their total to approximately 132,500 coins held at a combined purchase price of nearly $4 billion and an average price of one coin of approximately $30,000. Apparently, the company also sold 704 Bitcoins for a total of $11.8 million at the loss on December 22 to get tax benefits. This is the company’s first Bitcoin sale. It came after former CEO Michael Saylor said MicroStrategy would never sell its stash earlier this year.

MicroStrategy began investing in Bitcoin in August 2020. At that time, MicroStrategy said it viewed Bitcoin as a reliable store of value that is more valuable and saves money over time compared to money and more online. Also, they think that the cryptocurrency continues to develop and can provide higher returns compared to other traditional investments such as government bonds and stocks.

While it was initially seen as a success, MicroStrategy suffered a major setback in its big Bitcoin bet in 2022. The company is currently sitting on a Bitcoin-related book loss of more than $1 billion. According to a U.Today report, Saylor stepped down as CEO of the company in August. However, he remains a strong supporter of Bitcoin even though his gambling stopped.

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