MicroStrategy sells off Bitcoin for the first time ever, before buying some more
Join Our Telegram channel to stay up to date on breaking news coverage The largest corporate owner of Bitcoin reserves in the world, the American software business MicroStrategy, revealed on Wednesday that it traded some of its holdings for the first time ever on December 22. However, the company and its renownedly optimistic co-founder Michael Saylor have not abandoned Bitcoin since MicroStrategy has since bought more BTC. In a filing with the United States Securities and Exchange Commission (SEC), MicroStrategy said today that it sold 704 bitcoins (BTC) for about $11.8 million on December 22. Given how much the value of bitcoin has fallen since MicroStrategy first started buying it in 2020, this sale may have helped the company reduce its tax obligations. According to the company, MicroStrategy aims to carry back the capital losses resulting from this transaction against prior capital gains, to the extent such carrybacks are permissible under the applicable federal income...