BTC’s Price Moves Positively as Microstrategy Files With SEC

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  • Bitcoin turned bullish following MicroStrategy’s latest filing with the SEC.
  • The asset management firm has filed to sell $500 million MSTR shares to purchase BTC.
  • There is no clear indication of how much BTC MicroStrategy intends on acquiring.

Yesterday, the crypto market leader, Bitcoin (BTC), turned bullish after MicroStrategy filed with the United States Securities and Exchange Commission (SEC) to sell $500 million in MSTR stocks to buy more BTC.

The price of BTC saw a price increase of over 10% to finally see the king of crypto back above the important $21,000 level.

According to the crypto market tracking website, CoinMarketCap, BTC is currently trading at $21,309.13 after a 1.64% increase in price over the last day. The crypto coin is also up more than 7% over the last seven days. BTC’s market cap is down, however, by more than 5% to now stand at $41,183,859,896.

This came after MicroStrategy filed a prospectus on September 9 this year with the SEC to sell $500 million of Class A MSTR shares though investment banks Cowen & Co. and BTIG LLC. The proceeds will be primarily used to buy BTC, among other things.

MicroStrategy has been a fan of BTC for a while now. The company’s previous CEO, Michael Saylor, was one of the driving forces behind Micro Strategies BTC acquisitions in the past. At the moment, the asset management firm has about 129,699 bitcoins which was bought for $3.977 billion in total.

Although it is general knowledge that MicroStrategy has set its sights on buying more BTC, it is not yet sure how much they intend on spending. 

This filing had a similar effect on the price of MSTR as it had to BTC. The price of MSTR saw a healthy 11.77% gain on September 9.

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