MicroStrategy’s Bitcoin reserve value dips by more than $1 billion.
The company is in agreement with two agents to reinvest their class A common stock sales in BTC.
The FBI is collaborating with CISA and MS-ISAC to locate the hackers to blame for the dip.
MicroStrategy is the largest institutional Bitcoin investor. The company owns nearly 129,699 BTC whose value has dropped by over $1 billion. The institution must buy the dip in its BTC reserve.
The institution with Cowen and Company and BTIG – two agents have agreed to sell aggregated class A common stock and reinvest the amount into their Bitcoin reserve. The amount being exchanged is worth $500 million revealed by the Securities and Exchange Commission (SEC) filling.
MicroStrategy had managed to collect around 129,699 BTC over several years. The aggregated purchase price of the reserve is $3.977 billion. Although there has been uncertainty in the market, the company continues to acquire Bitcoin while selling company stocks.
Buying back the loss in their reserve is essential to maintain stability. The value of their reserve has dropped down to $2.8 billion from the aggregated purchase price of $3.977 billion.
However, on the same day of the SEC filing, the value of BTC shot up by 11%, in USD which is a hike of $21,500.
The FBI along with CISA and MS-ISAC has been investigating the case and asked US citizens to report suspicious activity to assist in locating hackers. The evidence collected will be key to tracking down these criminals and holding them accountable.
Bad actors tend to use fiat currency since the blockchain nature of cryptocurrency makes it easy for authorities to catch them quickly.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.