Crypto Biz: Did Michael Saylor buy the Bitcoin bottom for once?
Business intelligence firm MicroStrategy is showing no signs of backing down on its Bitcoin gambit. Right around the time that Sam Bankman-Fried was being exposed as a fraud, MicroStrategy was scooping up more Bitcoin (BTC) — this time, the firm bought as close to the bottom as it’s ever gotten. While Bitcoin can always go lower, seeing a MicroStrategy buy around $17K is refreshing. Interestingly, MicroStrategy also sold some BTC earlier this month — but not for the reason you think (more on that below.)
The final Crypto Biz newsletter of 2022 discusses MicroStrategy’s Bitcoin buy, Fidelity Investments’ foray into the metaverse, Changpeng Zhao’s response to haters and the collective woes of Bitcoin miners.
Business intelligence firm MicroStrategy scooped up 2,395 BTC at an average price of $17,181 between Nov. 1 and Dec. 21. (I know the bottom was sub-$16,000 but this is pretty close for MicroStrategy). It subsequently sold 704 BTC at a loss to offset previous capital gains. A few days later, the company bought an additional 810 BTC, bringing its total holdings to 132,500 BTC. MicroStrategy’s chief Bitcoin evangelist Michael Saylor has been adamant that his firm plans to convert its fiat holdings into BTC for the foreseeable future and will continue to hold the flagship digital asset indefinitely. The current value of MicroStrategy’s Bitcoin is $2.2 billion versus an overall cost basis of over $4 billion, according to Bitcoin Treasuries. That’s pretty brutal.
MicroStrategy has increased its #Bitcoin Holdings by ~2,500 #BTC. As of 12/27/22 @MicroStrategy holds ~132,500 bitcoin acquired for ~$4.03 billion at an average price of ~$30,397 per bitcoin. $MSTRhttps://t.co/lcMeULcGQk
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