September 28, 2022

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

Source: coindesk.com
Source: coindesk.com

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.