Microstrategy to reinvest $500M in stock sales into Bitcoin: SEC filing

MicroStrategy, the largest institutional Bitcoin (BTC) buyer, has entered into an agreement with two agents – Cowen & Company and BTIG – to sell a portion of its common stock worth $500,000,000, according to a Securities and Exchange Commission (SEC) filing.

MicroStrategy, co-founded by Bitcoin bull Michael Saylor, has approximately 129,699 BTC over several years with a total purchase price of $3.977 billion. Despite the market uncertainty, the business analytics software company continues to pursue its goal of earning more BTC by selling company shares. The record is confirmed:

“We intend to use the net proceeds from the sale of any portion of the common stock offered under this prospectus, including the purchase of bitcoins, for general corporate purposes, except as otherwise provided in the applicable prospectus supplement.”

Buying the dip is essential to MicroStrategy as the company’s BTC reserves have plunged nearly $2.8 billion in value — resulting in a loss of more than $1 billion, according to data from Bitcoin Treasuries.

Excerpt from MicroStrategy’s SEC filing. Source: SEC.gov

Coincidentally, on the day of the presentation, data from Cointelegraph Markets Pro and TradingView showed BTC/USD up 11 percent to nearly $21,500.

Related: Bitcoin Could Be A Zero Emission Network: Report

The FBI, along with two other federal agencies, CISA and MS-ISAC, are asking US citizens to come forward with information that could help them locate the hackers.

Citizens have been asked by the FBI for a variety of information to help track down ransomware attackers, including Bitcoin wallet information, ransom notes and IP addresses.

Bad actors choose fiat currency to conduct illegal activities over Bitcoin because the blockchain’s immutable nature allows authorities to track crimes more easily.