MicroStrategy says it bought 2,500 bitcoin but also sold some for tax reasons

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MicroStrategy Inc.
MSTR,
-3.36%

has spent more than $55 million to purchase roughly 2,500 bitcoins over the past two months, the company revealed in a Wednesday filing where it also disclosed selling some of its bitcoin stash for the first time to accrue a tax benefit.

The latest round of buying has lowered the firm’s average purchase price per coin to $30,397. It has spent just over $4 billion buying bitcoin since the summer of 2020.

Chairman Michael Saylor also broke news of the purchases in a tweet.

The latest purchases, which the company made as the price of bitcoin plunged to its lowest levels in more than two years amid the collapse of FTX and other cryptocurrency firms, bring MicroStrategy’s total bitcoin holdings to roughly 132,500 as of Dec. 27, the company said.

MicroStrategy announced the purchases in two chunks, including 2,395 coins purchased between Nov. 1 and Dec. 21, and another approximately 810 coins purchased on Dec. 24. The coins purchased on Christmas Eve were bought for an average price per coin that was about $1,000 lower than the previous batch.

While MicroStrategy has been a net buyer of bitcoin during this period, it has also opted to sell some of its bitcoin stash.

The company sold 704 bitcoins for $11.8 million, at an average price of approximately $16,776 per bitcoin, according to the filing. That’s a loss of nearly 50% when compared to its average purchase price of just over $30,000 per coin.

MicroStrategy has also booked proceeds of about $46.4 million by selling shares of its stock since the start of October, the company disclosed.

The price of a single bitcoin
BTCUSD,
-0.51%

fell 0.3% to $16,651 on Wednesday, according to Coindesk.



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