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

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

The news 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 value of its inventory for “common company functions, together with the acquisition of bitcoin.”
  • Interestingly, the market reacted fairly positively to this submitting, with MSTR value surging by greater than 10% on Friday to over $260 per piece.
  • Bitcoin’s value 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 firm’s perspective, this submitting comes at a compelling time. As regular, there have been rumors that the agency had begun disposing of its bitcoins (and, as regular, incorrect ones) after Michael Saylor stepped down as CEO.
  • Once that occurred, MicroStrategy reassured that it’ll proceed accumulating BTC however is but to accomplish that formally.
  • The final firm buy got here at the finish of June – value $10 million. It’s additionally value noting that the business intelligence software program large sits on an enormous unrealized loss on its bitcoin holdings.

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