In a recent development, MicroStrategy would be selling off stock that would realize $1 billion to purchase more Bitcoin. The decision for the sale was made known in an SEC form published on June 14 and also announced by Saylor in a tweet.
— Michael Saylor (@michael_saylor) June 14, 2021
The intelligence software company is a consistent leader amongst institutions that are investing in Bitcoin. Its resolve to dedicate funds into Bitcoin hasn’t been floored yet as it has benefited massively since the company began investing early this year. The bullish runs that bathed the crypto market during these periods saw the company in good fortune.
The company has a culture of investing in cryptocurrency at least once every month. On Monday, MicroStrategy purchased 11,900 after the sale of secured notes tuning to $500 million. In response to the massive investment, the company’s stock value rose by 12 percent.
Michael Saylor’s Active Involvement in Bitcoin-Related Matters
The interest of CEO Michael Saylor in BTC has grown beyond regular investment to the overall development of the digital asset. Agitations against the energy consumption of Bitcoin have been raised time and again. The result of this was a call from Elon Musk and Michael Saylor for a Bitcoin Mining Council that would ensure the crypto is mined with renewable sources.
Despite Tesla laying out Bitcoin as a payment alternative, Musk recently indicated that the electric vehicle manufacturer would accept Bitcoin again if it was mined with cleaner energy. The Bitcoin Mining Council would function as an educational entity that would deliberate on the future development of the digital asset.
Questions of Elon Musk’s involvement in the council have been responded to by the committee. The group says Elon Musk isn’t an active member and that his role ended at the call for the council.