Michael Saylor Buys More Bitcoin With Microstrategy Fund – The Whales Are Back

Michael Saylor Buys More Bitcoin With Microstrategy Fund - The Whales Are Back - 1200x 1 1140x600 1A new development hints at a potential purchase of Bitcoin by the founder and president of MicroStrategy. According to a recent filing with the US Securities and Exchange Commission (SEC), Microstrategy secured a whopping $46 million in stock sales.

According to the filing, which dates to September 9, 2022, “we sold 218.575 shares of Class A common stock for total gross proceeds of approximately $46.600.000.”

The stock sale is especially important to the Bitcoin community, as it reinforces the company's ability to potentially buy large amounts of Bitcoin in the future. In the past, MicroStrategy has solidified its position in the Bitcoin market as a committed institutional investor, with multiple and staggering purchases of Bitcoin (quotation BTC).

Additionally, the filing states that “we intend to use the net proceeds from this offering for general corporate purposes, including bitcoin acquisition and working capital.”

In the past MicroStrategy has made several purchases of Bitcoin with the profits from the sale of shares. In December 2022, Saylor revealed that MicroStrategy increased its Bitcoin holdings by 2.500 BTC.

At the time, MicroStrategy's total Bitcoin holdings amounted to a whopping $4,03 billion, at an average price of $30.397 per Bitcoin. This was the largest amount of BTC held by a traditional institutional trader. However, it is worth noting that as the value of Bitcoin declined, holdings fell to $2,1 billion in December 20222.

Michael Saylor is a proponent of Bitcoin, its global uses and economic benefits

Michael Saylor continues to strongly support the flagship cryptocurrency, Bitcoin. Since the start of the new year, Saylor has maintained a bullish stance on Bitcoin, proposing many reasons why the asset is still a superior investment choice for other institutional traders.

In his latest tweet, Saylor shared a screenshot revealing how Bitcoin performs against other traditional assets in the market. According to the screenshot, Bitcoin has outperformed the S&P 500, Nasdaq, gold, bonds and silver since August 2020. Saylor responded to the data on Twitter, stating that “Bitcoin strategy is the winning strategy”.

Furthermore, Micheal Saylor is also championing the idea that Bitcoin could save Argentina from its economic challenges. In another tweet, Saylor noted that Argentina's inflation rate has risen by 99%. While not proposing Bitcoin as the country's fiat currency, Saylor says Bitcoin will bring great benefits to Argentina.

Saylor also shared similar sentiments with digital asset manager Blockchain Investment Group Eric Weiss. In January, Weiss posted a video shared by Saylor in which he discourages Bitcoin holders from selling their Bitcoin.