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Reading: SEC filing: MicroStrategy to reinvest $500 million stock sales into Bitcoin
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Cryptocurrency

SEC filing: MicroStrategy to reinvest $500 million stock sales into Bitcoin

According to a Securities and Exchange Commission (SEC) filing, MicroStrategy, the largest institutional buyer of Bitcoin (BTC), has a deal ...

Chima Joseph Ugo
Chima Joseph Ugo - Editor-in-chief September 10, 2022
Updated September 10, 2022 at 8:47 AM
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SEC filing: MicroStrategy to reinvest $500 million stock sales into Bitcoin
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SEC filing: MicroStrategy to reinvest $500 million stock sales into Bitcoin
According to a Securities and Exchange Commission (SEC) filing, MicroStrategy, the largest institutional buyer of Bitcoin (BTC), has a deal with two agents, Cowen and Company and BTIG, to sell its combined class A common stock for $500,000,000.

Michael Saylor, a proponent of Bitcoin, co-founded MicroStrategy, which over time acquired roughly 129,699 BTC for a total purchase price of $3.977 billion. The business analytics software company keeps working toward its objective of buying additional BTC by selling company stock despite market turbulence. The document stated:

“We intend to use the net proceeds from the sale of any class A common stock offered under this prospectus for general corporate purposes, including the acquisition of bitcoin, unless otherwise indicated in the applicable prospectus supplement.”
Buying the dip is essential for MicroStrategy as the company’s BTC reserve has dipped to an aggregated value of nearly $2.8 billion — resulting in a loss of over $1 billion, as shown by Bitcoin Treasuries data.

Coincidently, on the day of the filing, data from Cointelegraph Markets Pro and TradingView showed BTC/USD price shooting up 11% to nearly $21,500.

Related: Bitcoin could become a zero-emission network: Report

The FBI, along with two other federal agencies, CISA and MS-ISAC, asked U.S. citizens to report information that helps track the whereabouts of the hackers.

The citizens have been asked by the FBI to report on various information that would help them track down ransomware attackers, which include Bitcoin wallet information, ransom notes and IP addresses.

Bad actors prefer fiat currency to conduct illicit activities over Bitcoin because the blockchain’s immutable nature allows authorities to track down crimes easily.
Tags: Cryptocurrency

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