4 months ago
MicroStrategy, the fourth-largest proprietor of bitcoin (BTC), did not bargain immoderate caller tokens past week, Executive Chairman Michael Saylor announced connected X, ending a 12-week drawstring of purchases.
Since Nov. 11, the Tysons Corner, Virginia-based institution has bought 218,887 bitcoin, according to Saylor. It presently holds 471,107 bitcoin.
While Saylor didn't accidental wherefore the institution held back, a apt crushed could beryllium its impending net release aft the marketplace adjacent connected Feb. 5, said James Van Straten, a elder expert astatine CoinDesk.
Public companies spell into a alleged blackout play for immoderate clip earlier net releases to forestall insider trading. During that period, which tin past days, weeks oregon adjacent months, radical with fiscal accusation astir the institution are restricted from buying oregon selling the company's securities.
In MicroStrategy’s case, fixed that the bulk of its equilibrium expanse is bitcoin, this could see trading the cryptocurrency.
Last week, the institution announced a preferred stock offering of astir $250 cardinal to acquisition adjacent much BTC. Just a fewer days later, it more than doubled that amount arsenic it sold astir 7.3 cardinal shares of the series.
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