Crypto News

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

The largest company bitcoin holder has filed a brand new submitting with the US Securities and Exchange Commission that can primarily permit it to buy extra BTC for up to $500 million.

The information comes as the cryptocurrency surged previous the $20,000 stage and jumped to a brand new two-week excessive.

  • The filing with the securities regulator reveals that MicroStrategy plans to promote up to $500 million price of its stock for “general corporate purposes, including the acquisition of bitcoin.”
  • Interestingly, the market reacted fairly positively to this submitting, with MSTR worth surging by greater than 10% on Friday to over $260 per piece.
  • Bitcoin’s worth has additionally seen an uptick in the previous few days. The asset had tumbled to a 6-week low at $18,500 throughout the week however reclaimed the $20,000 early on Friday.
  • The begin of the weekend introduced much more positivity to the bulls as BTC jumped to a two-week excessive above $21,500, maybe fueled by MicroStrategy’s plans.
  • Looking from the company’s perspective, this submitting comes at a compelling time. As ordinary, there have been rumors that the agency had begun disposing of its bitcoins (and, as ordinary, improper ones) after Michael Saylor stepped down as CEO.
  • Once that occurred, MicroStrategy reassured that it’s going to proceed accumulating BTC however is but to accomplish that formally.
  • The final company buy got here at the finish of June – price $10 million. It’s additionally price noting that the business intelligence software large sits on a large unrealized loss on its bitcoin holdings.
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