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MicroStrategy To Reinvest $500M Stock Sales Into Bitcoin

MicroStrategy has been making a lot of headlines along the way, and Michael Saylor has been one of the most important people related to the matter. Check out some juicy news regarding the latest investments of the company.

MicroStrategy to reinvest in BTC

Cointelegraph notes the fact that buying the dip is essential for MicroStrategy as the company’s reserve of nearly 129,699 BTC currently suffers an aggregated value loss of over $1 billion.

MicroStrategy is the largest institutional Bitcoin (BTC) buyer, and it entered an agreement with two agents — Cowen and Company and BTIG — to sell its aggregated class A common stock worth $500,000,000. This was revealed by the United States Securities and Exchange Commission (SEC) filing.

MicroStrategy, co-founded by Bitcoin bull Michael Saylor, amassed approximately 129,699 BTC over several years at an aggregate purchase price of $3.977 billion.

Despite market uncertainties, the business analytics software firm continues to pursue its goal of acquiring more BTC by selling company stocks. The filing confirmed the following:

“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.”

Regarding the price of Bitcoin today, at the moment of writing this article, BTC is trading in the green, and the king coin is priced at $22,313.

New Bitcoin prediciton is out

The popular trader Tone Vays said that Bitcoin appears to be following its price action of May of this year when it showed signs of recovery before eventually breaking down.

“Right here (May 2022), the move was to the downside and it like flirted with the upside but then it still crashed. And then [now], the same thing is happening, and the same thing happened in the past.”

Check out more details in our previous article.

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