US Firm that Bought 301 BTC Now Down by $300,000

But the current value of BTC is at $18,864.00, marking a $300,000 loss from the investment.

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A new filing to the US Securities and Exchange Commission (US SEC) revealed that American intelligence firm MicroStrategy had purchased 301 Bitcoins (BTC) for the amount of $6 million.

However, the Bitcoin investment, which was purchased from August 2 to September 19, 2022, for an average price of $19,851 per BTC, was already down to $300,000. As of September 22, CoinMarketCap shows that BTC is trading at $18,864.

Currently, the firm owns 130,000 BTC, with an average of $30,639 each and a total cost of $3.97 billion for building their crypto stash, but as of September 22, it is only worth $2.45 billion—about a $1.52 loss in value. 

During the all-time high of Bitcoin last November 2021, MicroStrategy had a $4 billion profit and is still continuously betting on Bitcoin despite the fact that Michael Sayor resigned as CEO and became executive chairman. 

“If you’d asked the same question to Jeff Bezos in 2003 and said, you know, like you just had an 80% loss in Amazon, do you ever wish you sold Amazon in the year 2001? You know, Jeff Bezos could have sold Amazon in the year 2000 and avoided a 95% loss,” said Saylor, when asked if the reversal of fortune bothered him.

Saylor described that mindset as foolish and further said that if Jeff Bezos or Mark Zuckerberg had offloaded their stock and tried to time the market over the years, they would not be billionaires, adding that:

“If you look at all the richest people in the world, they’re not traders. I mean, Bill Gates, Jeff Bezos, Elon Musk, Mark Zuckerberg, Larry Page… name the person who traded their way to that situation. You can’t really do it. Trying to time the market is ridiculous.”

Most of Microstrategy’s acquisitions have been supplied by debt, with its issuance of bonds and selling of stock to fund its huge expenses.

In early September, the firm revealed that it was planning to sell up to $500 million in Class A shares, where part of the proceeds could be used to purchase more cryptocurrencies. MicroStrategy’s stock price closed down 4.6% on September 20.

This article is published on BitPinas: US Firm that Bought 301 BTC Now Down by $300,000

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