Michael Sayer’s bitcoin-backed tech firm MicroStrategy Inc. bought 480 coins worth roughly $10 million at the height of the crypto market’s collapse. According to paperwork filed Wednesday with the US Securities and Exchange Commission, the firm bought the coins between May 3 and June 28 for approximately $20,817.
Bitcoin Was trading close to $38,000 on May 3rd, hovering around $20,000 from June 14th to June 28th, meaning most of MicroStrategy’s buying would have happened in these past two weeks.
The acquisition represents Microstrategy’s smallest bitcoin purchase in over a year. Its most recent purchase occurred about 90 days ago, on April 5, which represents the longest stretch between purchases since the company launched its bitcoin buying strategy. According to the filing, as of June 28, the company has approximately 129,699 bitcoins purchased at approximately $3.98 billion, or $30,664 per coin.
Tyson’s Corner, the Virginia-based enterprise software maker, is expected to reveal a significant financial hit when it issues its second-quarter 10-Q this summer, given its heavy exposure to the Belvedere token, which has more than halved in value this year. It is done.
Still, CEO Saylor is optimistic about the future of bitcoin and said that when in a July 17 interview with Bloomberg, the firm is well positioned for changes in the market.
MicroStrategy Inc. U.S. shares have been hit hard this year as the once-winning outlook of being a tech company holding billions of dollars in bitcoin makes investors rush to exit. Under CEO Michael Saylor, MicroStrategy had spent approximately $4 billion on the token as of March 31.
Meanwhile, companies such as Blockchain Inc. (formerly Square) and Tesla Inc., which have invested in bitcoin, are also facing potential losses this quarter, while the recent selloff in bitcoin and its peers has pushed others to invest in the digital-asset space. can prevent it from doing.
cryptocurrency This year has suffered amid a hike in the Federal Reserve’s rates and extremely high inflation. After crypto’s last two years of hibernation ended in 2020, the sector reached nearly $3 trillion in total assets last November, before falling to just under $1 trillion last November. Investors were further worried about the collapse of the Terra/Luna ecosystem and continued concerns about hedge fund Three Arrows Capital Ltd.