Buying the dip is essential for MicroStrategy as the company’s reserve of nearly 129,699 BTC currently suffers an aggregated value loss of over $1 billion.
MicroStrategy, the largest institutional Bitcoin (BTC) buyer, entered an agreement with two agents — Cowen and Company and BTIG — to sell its aggregated class A common stock worth $500,000,000, reveals Securities and Exchange Commission (SEC) filing.
MicroStrategy, co-founded by Bitcoin bull Michael Saylor, amassed approximately 129,699 BTC over several years at an aggregate purchase price of $3.977 billion. Despite market uncertainties, the business analytics software firm continues to pursue its goal of acquiring more BTC by selling company stocks. The filing confirmed:
“We intend to use the net proceeds from the sale of any class A common stock offered under this prospectus for general corporate purposes, including the acquisition of bitcoin, unless otherwise indicated in the applicable prospectus supplement.”
Buying the dip is essential for MicroStrategy as the company’s BTC reserve has dipped to an aggregated value of nearly $2.8 billion — resulting in a loss of over $1 billion, as shown by Bitcoin Treasuries data.
Coincidently, on the day of the filing, data from Cointelegraph Markets Pro and TradingView showed BTC/USD price shooting up 11% to nearly $21,500.
Related: Bitcoin could become a zero-emission network: Report
The FBI, along with two other federal agencies, CISA and MS-ISAC, asked U.S. citizens to report information that helps track the whereabouts of the hackers.
The citizens have been asked by the FBI to report on various information that would help them track down ransomware attackers, which include Bitcoin wallet information, ransom notes and IP addresses.
Bad actors prefer fiat currency to conduct illicit activities over Bitcoin because the blockchain’s immutable nature allows authorities to track down crimes easily.
