BOTTOMS UP: Did Saylor FINALLY manage to buy the bottom?
January 17, 2023
On the 18th of December, Michael Saylor, announced that MicroStrategy has increased its Bitcoin holdings by another 2,500 BTC. This leaves MicroStrategy now holding a bag made up of 132,500 BTC, which they acquired for $4.03 billion, at an average price of $30,397.
After stepping down as CEO, Michael Saylor, Executive Chairman of Microstrategy, recently confirmed that, the company’s Bitcoin strategy is now his day job.
Although MicroStrategy have been continually filling their Bitcoin bags, the software vendor did make their first sale of the asset last month, since they started stacking sats back in 2020.
Saylor has been very vocal about MicroStrategy’s use of Bitcoin losses as a vehicle to offset tax against other capital gains made by the company. However, this is the first time they’ve put their bag to use this way. The company sold off 704 BTC, valued at $11.8m, at a loss on the 22nd of December, before buying back 810, or $13.6m worth, of BTC on the 24th of December.
Even though MicroStrategy are currently staring down the barrel of a $1.8 billion loss, albeit unrealised, Saylor seems hell-bent to increase the amount of Bitcoin on their balance sheet. Whilst remaining an evangelist for other companies to invest in the coin to bolster their long-term investments.
