MicroStrategy Sold Over $11.8 million worth of Bitcoin

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MicroStrategy reported that it sold $11.8 million worth of Bitcoin at an average price of approximately $16,776 per BTC on December 22nd.

Executive chairman Michael Saylor claimed that the firm is in a position to enjoy tax benefits by selling some of the firm’s Bitcoin.

As per Saylor by selling the Bitcoin and taking the capital loss, the firm will be able to use that to offset some capital gains. So it’s very tax efficient for the corporation.

The company says the sale of about 704 BTC is for tax purposes.

On December 24, 2022, MicroStrategy bought more Bitcoin than it sold. The firm acquired 810 Bitcoins for $13.6 million.