MicroStrategy Now Down $1B on Its Bitcoin Bet
Michael Saylor’s MicroStrategy (MSTR) is sitting on an unrealized loss of more than $1 billion on its bitcoin (BTC) holdings as the price of the largest crypto by market value touches $22,900 in Monday trading.
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The CEO of the technology company began purchasing bitcoin in August 2020 at a price just under $12,000. Subsequent purchases over the following months brought the company’s holdings to 129,918 bitcoin, now valued at under $3 billion, compared with what’s a near-$4 billion investment.
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Much of the funding of MSTR’s buys came via junk bond and convertible note sales.
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Last month, Saylor dismissed talks of a margin call, stating that a problem would occur only if bitcoin reached $3,562.
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MicroStrategy shares are down 24.32% on Monday as it leads the sell-off in crypto-related stocks.
Via: Coindesk
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