Bitcoin Rallies into the Weekend as MicroStrategy May Raise $500M to Buy BTC

The largest corporate bitcoin holder has filed a new filing with the US Securities and Exchange Commission that will essentially allow it to purchase more BTC for up to $500 million.

The news comes as the cryptocurrency surged past the $20,000 level and jumped to a new two-week high.

  • The filing with the securities regulator shows that MicroStrategy plans to sell up to $500 million worth of its stock for “general corporate purposes, including the acquisition of bitcoin.”
  • Interestingly, the market reacted quite positively to this filing, with MSTR price surging by more than 10% on Friday to over $260 per piece.
  • Bitcoin’s price has also seen an uptick in the past few days. The asset had tumbled to a 6-week low at $18,500 during the week but reclaimed the $20,000 early on Friday.
  • The start of the weekend brought even more positivity to the bulls as BTC jumped to a two-week high above $21,500, perhaps fueled by MicroStrategy’s plans.
  • Looking from the company’s perspective, this filing comes at a compelling time. As usual, there were rumors that the firm had begun disposing of its bitcoins (and, as usual, wrong ones) after Michael Saylor stepped down as CEO.
  • Once that happened, MicroStrategy reassured that it will continue accumulating BTC but is yet to do so officially.
  • The last company purchase came at the end of June – worth $10 million. It’s also worth noting that the business intelligence software giant sits on a massive unrealized loss on its bitcoin holdings.
SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

You Might Also Like:


.custom-author-info{ border-top:none; margin:0px; margin-bottom:25px; background: #f1f1f1; } .custom-author-info .author-title{ margin-top:0px; color:#3b3b3b; background:#fed319; padding:5px 15px; font-size: 20px; } .author-info .author-avatar { margin: 0px 25px 0px 15px; } .custom-author-info .author-avatar img{ border-radius: 50%; border: 2px solid #d0c9c9; padding: 3px; }

The post appeared first on CryptoPotato

Buy Bitcoin with Credit Card

BitMex Leverage Trading

Automated Trading Bot

Related Posts

Leave a Reply

Bitcoin (BTC) $ 97,597.15 3.54%
Ethereum (ETH) $ 3,338.58 8.30%
Tether (USDT) $ 1.00 0.22%
Solana (SOL) $ 257.02 9.58%
BNB (BNB) $ 619.54 1.69%
XRP (XRP) $ 1.12 2.13%
Dogecoin (DOGE) $ 0.385776 1.96%
USDC (USDC) $ 0.999781 0.19%
Lido Staked Ether (STETH) $ 3,337.64 8.31%
Cardano (ADA) $ 0.794693 3.37%