MicroStrategy eyes $750M stock sale, likely to buy more bitcoin
MicroStategy claimed in December that it would sell its bitcoin before offloading more shares. Since then, it's sold $339 million in shares.
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MicroStategy claimed in December that it would sell its bitcoin before offloading more shares. Since then, it's sold $339 million in shares.
Read more (2 min) →MicroStrategy says revenues from its analytics business may not be enough to pay its debts and it may have to sell its bitcoin or more shares.
According to BlockchainCentre.net, MicroStrategy’s 130,000 bitcoins are worth $2.7B — impressive if it hadn’t spent $4B on acquiring them.
MicroStrategy is at least 23% down on its bitcoin holdings but says it will be selling up to $500 million worth of its stock to buy more.
Is bitcoin a rich man's casino? Comparing price action with moves by major players seems to confirm they can indeed shift the bitcoin market.
The company has spent nearly $4 billion on 130,000 bitcoins in the past two years at an average purchase price of more than $30,700.
MicroStrategy's accountants tried to get away with not reporting paper losses on some of its Bitcoin purchases last year. The SEC noticed.