SEC Critical Filing Reveals Cryptocurrencies Are Prepared For A Surprise $ 500 Million Earthquake Following The Sudden Rebound In Bitcoin And Ethereum Prices

ethereum and other major cryptocurrencies soared in September, although some fear a “black swan” event may be imminent.

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The price of bitcoin has moved back from the $ 20,000 per bitcoin level much observed this week, as the price of ethereum rose to the first successful step in its radical merger update, with all eyes on the critical information coming soon. next week.

Now, business intelligence software company MicroStrategy
known as the largest corporate bitcoin buyer in the world, he revealed he is planning a $ 500 million share sale with the proceeds potentially used to buy more bitcoins.

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“We intend to use the net proceeds from the sale of any Class A common stock offered under this prospectus for general business purposes, including the acquisition of bitcoin, unless otherwise indicated in the applicable prospectus supplement,” wrote MicroStrategy in a Securities and Exchange Commission (SEC) storage area this week.

However, MicroStrategy, which has amassed nearly 130,000 bitcoins worth around $ 2.7 billion over the past two years, warned that wild swings in bitcoin prices could mean it loses money on the bet.

“Future fluctuations in bitcoin exchange prices may result in our converting purchased Bitcoins with the net proceeds of this offering into cash with substantially less than the net proceeds of this offering,” the company said.

The price of bitcoin plummeted from nearly $ 70,000 per bitcoin late last year, losing around 70% of its value and wiping out around $ 2 trillion from the combined cryptocurrency market. The price of Ethereum and most other major cryptocurrencies have seen similar declines.

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MORE FROM FORBESA “massive capitulation” is on the way: this is how low “intense” selling pressure could send the price of bitcoin

The bitcoin, ethereum and cryptocurrency market this year fell along with many previously high-growth tech stocks, as the Federal Reserve embarks on a monetary tightening program designed to reduce inflation that has risen to the high of the past 40. years.

Last month, MicroStrategy founder Michael Saylor stepped down as CEO of the company to become executive chairman and focus on buying bitcoin.

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