According to a filing with the SEC, the crypto-favoring company MicroStrategy has increased its Bitcoin (BTC) holdings by purchasing approximately 2,395 BTC for a total of $42.8 million in cash between November 1 and December 21. This transaction took place through the company’s MacroStrategy subsidiary. However, according to the statement, the company has also parted ways with a small chunk of its Bitcoin assets.
The following day, on December 22, the corporation sold approximately 704 bitcoin for a total of $11.8 million, with the expectation that the loss will outweigh prior capital gains. The transaction that could result in a tax benefit took place at an average price of around $16,776 per Bitcoin.
Bitcoin maximalist Michael Saylor made the announcement on Wednesday that MicroStrategy has purchased 2,500 Bitcoins for around $42.8 million.
As things stand, the price of Bitcoin is presently being traded at $16,660. This represents a decrease of 1.09% on the day, with a further decline of 1.10% during the week as per crypto market tracker CoinMarketCap.
This is a developing story and is being frequently updated.
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The post Breaking: MicroStrategy Sells 704 Bitcoins (BTC) For First Time Due To This Reason appeared first on CoinGape.
