Microstrategy has purchased more bitcoin amid a heavy market sell-off. Following clarifications by Gary Gensler (chairman of the U.S Securities and Exchange Commission), the announcement was made that bitcoin is a commodity.

Microstrategy Buys the Dip

The Nasdaq-listed software firm Microstrategy purchased the bitcoin dip once again. In a Wednesday filing with the U.S. Securities and Exchange Commission (SEC), the company declared that during the period between May 3 and June 28, it “acquired approximately 480 bitcoins for approximately $10.0 million in cash, at an average price of approximately $20,817 per bitcoin, inclusive of fees and expenses.” The filing adds:

As of June 28, 2022, Microstrategy, together with its subsidiaries, held an aggregate of approximately 129,699 bitcoins.

Overall, the company’s BTC “were acquired at an aggregate purchase price of approximately $3. 98 billion and an average purchase price of approximately $30,664 per bitcoin, inclusive of fees and expenses,” the filing further details.

Microstrategy recently dispelled the rumor that it may be facing a margin call on a bitcoin-backed loan from Silvergate Bank.

Michael Saylor, the CEO of the Nasdaq-listed software company, said in May: “We are in it for the long term … Our strategy is to buy bitcoin and hold the bitcoin, so there’s no price target. “I think we’ll continue to buy bitcoin at the local top for the foreseeable future,” he said. So, we’re very patient. It’s our belief that it’s the future .”

of money

Microstrategy’s latest bitcoin purchase announcement followed a statement by SEC Chairman Gary Gensler earlier this week clarifying that bitcoin is a commodity. The company was in the middle of acquiring the latest batch of BTC when Gensler made a comment about BTC being a commodity.

Saylor tweeted to Gensler in response:

Bitcoin is a commodity, which is essential for any treasury reserve asset.

He said: “This allows politicians to support bitcoin technology and digital assets to grow the economy, extend property rights, and freedom to all .”

Bitcoin is a commodity and falls under the jurisdiction of the Commodity Futures Trading Commission. The chairman of the derivatives watchdog, Rostin Behnam, recently said that bitcoin and ether are commodities.

The SEC is looking to work with the CFTC in crypto regulation. Last week, Gensler proposed having “one rule book” for the regulation of crypto trading. The SEC chairman warned last month that a lot of crypto tokens will fail.

What do you think about Microstrategy buying the bitcoin dip?
What do you think about Microstrategy buying the bitcoin dip?

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