On April 21, rumors circulated that Microstrategy had sold some of its Bitcoin holdings. It all started when a Twitter account called “Ozz” posted some pertinent information claiming that Microstrategy went against its promise to hold Bitcoin long-term and that the company sold 1,500 BTC from Bitcoin reserves, equivalent to about $63 million.
Biggest Bitcoin whale started selling?
Ozz noted that Microstrategy moved the above 1,500 BTC from their main wallet address to a secondary wallet address used by Coinbase and Okex exchanges to sell Bitcoin. This account openly claims that from the beginning of 2022 to date, the total amount of BTC Microstrategy has “quietly” sold has reached up to 8,000 BTC. However, this rumor about Microstrategy is reportedly untrue.
First, following the two wallet addresses Ozz mentioned and the 1,500 BTC sold recently, at first glance it looks pretty similar to the total amount of 129,218 Bitcoins Microstrategy holds, and This makes it easier for investors to be deceived. However, both wallets recorded their first transaction on February 10, 2019 and June 12, 2018. As we have also reported as Kriptokoin.com, Microstrategy only started making Bitcoin purchases in September 2020.
Microstrategy is required to report its trades to the SEC
MicroStrategy is a listed company and any purchase or sale of the company must be reported to the U.S. Securities and Exchange Commission (SEC), especially when MicroStrategy has BTC on its balance sheet. A particular case that makes this point clear is billionaire Elon Musk’s Tesla. By the first quarter of 2021, Tesla sold 10 percent of its Bitcoin investment and raised $272 million to test the liquidity of the market. However, Tesla still needs to keep company shareholders and regulators informed of its actions.
Returning to MicroStrategy, the company has taken no action regarding the incident that has occurred at this time. The question then arises whether CEO Michael Saylor will dare to put himself and the company in a difficult position if he is not going to be severely impacted legally when carrying out the “underground sale” of Bitcoin. On April 15, CEO Michael Saylor once again confirmed that MicroStrategy will continue to buy and hold more Bitcoin regardless of market conditions, and will develop its plan to leverage the company’s massive Bitcoin fund to generate additional profits.
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