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Earlier this month, <a href="https://coinedition.com/microstrategy-stock-tanks-90-ceo-sees-bitcoin-as-cyber-manhattan/">MicroStrategy</a> made headlines by announcing plans to potentially inject up to $2 billion into its already massive Bitcoin portfolio. In its Q2 financial results, the company revealed it had acquired 12,222 BTC during the quarter for $805.2 million, bringing its total Bitcoin holdings to 226,500 tokens. 
This substantial Bitcoin reserve solidifies MicroStrategy, led by Michael Saylor, as the largest public holder of BTC. At the current Bitcoin value of $61,155, these holdings are worth over $13.88 billion. 
MicroStrategy, a software company, communicated its intention to raise up to $2 billion through an at-the-market (ATM) equity offering program with the U.S. SEC on August 1. According to the regulatory filing, the funds would be used for general corporate purposes, including the potential acquisition of more Bitcoin. 
On the day of the announcement, Bitcoin traded as low as $62,248, but the news spurred a rally, pushing the price up to $65,593. However, a few days later, Bitcoin’s price dropped to $49,000, although it has mostly recovered and now trades around $61K at press time. 
While MicroStrategy has not yet made the anticipated Bitcoi…
The post <a href="https://coinedition.com/microstrategy-planned-2b-bitcoin-purchase-how-btc-price-may-react/">MicroStrategy Planned $2B Bitcoin Purchase: How BTC Price May React</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

MicroStrategy Planned $2B Bitcoin Purchase: How BTC Price May React

Coin Edition

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