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MicroStrategy Now Down $1B on Its Bitcoin Bet
Bitcoin has extended its plunge to a fresh 18-month low, below $23,000.
Michael Saylor's MicroStrategy (MSTR) is sitting on an unrealized loss of more than $1 billion on its bitcoin (BTC) holdings as the price of the largest crypto by market value touches $22,900 in Monday trading.
- The CEO of the technology company began purchasing bitcoin in August 2020 at a price just under $12,000. Subsequent purchases over the following months brought the company's holdings to 129,918 bitcoin, now valued at under $3 billion, compared with what's a near-$4 billion investment.
- Much of the funding of MSTR's buys came via junk bond and convertible note sales.
- Last month, Saylor dismissed talks of a margin call, stating that a problem would occur only if bitcoin reached $3,562.
- MicroStrategy shares are down 24.32% on Monday as it leads the sell-off in crypto-related stocks.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
