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MicroStrategy Now Down $1B on Its Bitcoin Bet

MicroStrategy Now Down $1B on Its Bitcoin Bet

MicroStrategy Now Down $1B on Its Bitcoin Bet

Bitcoin has extended its plunge to a fresh 18-month low, below $23,000.

Bitcoin has extended its plunge to a fresh 18-month low, below $23,000.

Bitcoin has extended its plunge to a fresh 18-month low, below $23,000.

By Oliver Knight
AccessTimeIconJun 13, 2022, 2:49 PM
Updated May 11, 2023, 6:54 PM
MicroStrategy CEO Michael Saylor at Bitcoin 2022 in Miami. (Danny Nelson/CoinDesk)
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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.

STORY CONTINUES BELOW

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Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

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