Bitcoin Rises This Weekend As MicroStrategy May Raise $500 Million To Buy BTC

The company’s largest bitcoin owner has filed a new filing with the US Securities and Exchange Commission that essentially allows him to buy up to $500 million more BTC.

This news comes as the cryptocurrency soared to the $20,000 level and jumped to a new two-week high.

  • The filing with the securities regulator shows that MicroStrategy plans to sell up to $500 million of its stock “for general corporate purposes, including the acquisition of bitcoin.”
  • Interestingly, the market reacted quite positively to this deposit, with the price of MSTR rising more than 10% on Friday to over $260 a piece.
  • Bitcoin price has also seen a slight increase in recent days. The asset fell to a 6-week low of $18,500 during the week but recovered $20,000 early Friday.
  • The start of the weekend brought more positivity to the bulls as BTC jumped to a two-week high above $21,500, possibly driven by MicroStrategy plans.
  • From the company’s perspective, this recording comes at a compelling time. As usual, there were rumors that the company began dumping its bitcoins (and as usual wrongfully) after Michael Saylor stepped down as CEO.
  • Once this happens, MicroStrategy has confirmed that it will continue to accumulate BTC but has not yet made it official.
  • The company’s last purchase came at the end of June – worth $10 million. It is also worth noting that the business intelligence software giant has a significant unrealized loss in its bitcoin holdings.

Bitcoin Posted This Weekend MicroStrategy May Raise $500 Million To Buy BTC First appeared on CryptoPotato.

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