Michael Saylor, the creator and former CEO of the software company MicroStrategy, has invested around $42.8 million in bitcoin (BTC), demonstrating his continued strong outlook on the leading cryptocurrency.
In a recent Securities and Exchange Commission (SEC) filing, the company revealed a cash purchase of around 2,395 bitcoins at an average cost of nearly $17,871 per, including fees and charges.
According to the statement, the company also liquidated some of its cryptocurrency holdings during the last week in an effort to minimize its taxes.
“On December 22, 2022, MacroStrategy sold approximately 704 bitcoins for cash proceeds of approximately $11.8 million, at an average price of approximately $16,776 per bitcoin, net of fees and expenses. MicroStrategy plans to carry back the capital losses resulting from this transaction against previous capital gains, to the extent such carrybacks are available under the federal income tax laws currently in effect, which may generate a tax benefit,” the statement said.
“On December 24, 2022, MacroStrategy acquired approximately 810 bitcoins for approximately $13.6 million in cash, at an average price of approximately $16,845 per bitcoin, inclusive of fees and expenses,” according to the firm.
According to MicroStrategy, the company and its subsidiaries increased their total bitcoin holdings by 2,500 bitcoins as a result of the aforementioned transactions, from around 130,000 bitcoins as of October 31, 2022, to roughly 132,500 bitcoins as of December 27, 2022.
“The approximately 132,500 bitcoins held by MicroStrategy and its subsidiaries as of December 27, 2022 were acquired at an aggregate purchase price of approximately $4.03 billion and an average purchase price of approximately $30,397 per bitcoin, inclusive of fees and expenses,” according to the filing.
Over the past years, MicroStrategy’s founder has established himself as a bitcoin bull, benefiting from his platform to promote crypto and encourage fellow entrepreneurs to invest in crypto. Last October, the businessman said that BTC is the only money that has the potential to align “all interests to focus on peaceful engagement, rational action, & productive industry.”
In a December 14 tweet, Saylor defended the architecture of bitcoin, claiming it to be better than tokens based on proof-of-stake protocols, like ethereum (ETH).
#Bitcoin is engineered to be stable, robust, and increasingly secure & efficient over time based on Proof of Work and ASIC technology advances. Proof of Stake protocols are inherently unstable, inefficient, opaque, and risky due to their fragile design. https://t.co/j9FWNIH3MP pic.twitter.com/ZVq086tvfw
— Michael Saylor⚡️ (@saylor) December 14, 2022
Compiled by Coinbold