Positive news for Bitcoin’s price as MicroStrategy files with the SEC to increase its holdings of MSTR stock.
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The price of Bitcoin (BTC) gathered steam yesterday, rising by over 10% to go over the $21,000 threshold. From $19,310, the price of Bitcoin (BTC) soared to $21,575. The filing that MicroStrategy has made with the SEC to sell $500 million in MSTR equities in order to buy more Bitcoin has now sparked optimistic sentiment in the market.
As of this writing, the price of a single Bitcoin (BTC) is close to $21,575, which is an increase of around 7% from the day before. Bitcoin’s price rose by 15% in a week after hitting a low of $18,702.
More Bitcoin Purchases by MicroStrategy (BTC)
At the U.S. Securities and Exchange Commission on September 9, MicroStrategy submitted a prospectus. In a filing with the SEC, investment banks Cowen & Co. and BTIG LLC disclosed plans to sell 500 million shares of Class A MSTR, with the profits going toward “general corporate purposes, including the acquisition of bitcoin.”
Even after Bitcoin maximalist Michael Saylor stepped down as CEO, the software firm has maintained its goal of purchasing bitcoin. Currently serving as chairman of the board, Saylor will maintain his attention on Bitcoin. MicroStrategy has appointed Phong Le as its new chief executive officer. Because of the record low BTC price in the second quarter, the corporation reported a loss of more than $1 billion.
Microstrategy now has 129,699 BTC
which it purchased for a total of $3.977 billion, or about $30,664 per BTC. MicroStrategy actually holds 14,589 BTCs, while MacroStrategy LLC, its wholly-owned subsidiary, holds 115,110 BTCs.
Unless otherwise specified in the applicable prospectus supplement, “we intend to use the net proceeds from this offering for general company objectives, which may include the acquisition of bitcoin,” the document reads. We haven’t settled on a specific use for the net proceeds yet.
The price of MSTR stock was $261.97 on September 9th, an increase of about 11.77%. In fact, the stock price of the corporation followed the price of Bitcoin because of the company’s purchase of Bitcoin. After the stock offering, the price of the shares will most certainly decrease.
Assuming BTC Price Breaks 200-WMA
The price of a Bitcoin (BTC) has yet to break over $23,000, the pivotal 200-week moving average. MicroStrategy’s news, however, is anticipated to send the price over the 200-day moving average.
The Bitcoin price as of this writing is $21,575, an increase of 7% in the last 24 hours. Bitcoin has turned bullish, according to analysts, and the price may soon rise above $23,500. Big Cheds predicts a BTC price increase to $22,400 after the cryptocurrency hits the 4hr moving average of $200.