Here's why MicroStrategy sold some of its bitcoins for the first time since it started accumulating the crypto asset in 2020.
Here’s Why MicroStrategy Sold 704 Bitcoins on December 22Here’s why MicroStrategy sold some of its bitcoins for the first time since it started accumulating the crypto asset in 2020.
Publicly-traded business intelligence company MicroStrategy revealed that it sold part of its bitcoin stash on December 22 for tax purposes. Although the firm later purchased more bitcoins, the sale defied its promise of never selling any portions of its BTC stash.2,395 bitcoins worth about $42.8 million between November 1, 2022, and December 21, 2022. The company then sold 704 BTC for about $11.8 million on December 22 before purchasing another 810 BTC two days later.
The firm’s filing with the Securities and Exchange Commission shows that the bitcoins were sold to generate tax benefits. “MicroStrategy plans to carry back the capital losses resulting from this transaction against previous capital gains, to the extent such carrybacks are available under the federal income tax laws currently in effect, which may generate a tax benefit,”In the summer of 2020, MicroStrategy began its culture of accumulating Bitcoin through its former CEO, Michael Saylor. Since then, the company has accumulated 132,251 BTC, valued at $2.2 billion at current market prices.
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