According to a filing with the Securities and Exchange Commission (SEC), proprietary trading firm Group One has acquired options to buy 1.3 million shares of MicroStrategy (NASDAQ: MSTR). Group One presents itself as a market maker in US equity opinions, providing liquidity over diverse securities. On the other hand, MicroStrategy is the largest independent publicly-traded business intelligence company, popular for its Bitcoin holdings. The company was the first to acquire Bitcoin as a primary treasury reserve asset. Under the leadership of CEO and Bitcoin bull Michael Saylor, MicroStrategy made its first BTC purchase in 2020. The company continues to amass digital coins and owns more than 132,000 coins.
Group One Has 13.5% Stake in MicroStrategy
Per the SEC filing, the 1.3 million shares also mean that Group One has a 13.5% stake in MicroStrategy. Meanwhile, MSTR currently trades at $190 per share after closing up 8.57. The company’s stock suffered along with BTC in 2022 due to its strong ties with the cryptocurrency. It plunged more than 70% last year as Bitcoin dropped from about $48,000 around March to $16,500 as the year wrapped up. While MSTR dropped 13% in the last three months, it also fell over 6% over the past month. With Bitcoin gathering some decent gains since the new year, MicroStrategy also saw its shares climb 34.21%. Furthermore, the business intelligence company has become a proxy for investors seeking Bitcoin exposure due to its exposure to the crypto asset.
Since it began to adopt Bitcoin, MicroStrategy conducted its first-ever BTC sale on the 22nd of December. The company sold 704 BTC for about $11.8 million to generate tax benefits. MicroStrategy commented on the sale:
“MicroStrategy plans to carry back the capital losses resulting from this transaction against previous capital gains, to the extent such carrybacks are available under the federal income tax laws currently in effect, which may generate a tax benefit.”
Although MicroStrategy has a cogent reason to sell its BTC, the company broke a promise. CEO Saylor once said in an interview that the company is not a seller. He stated that the business intelligence company’s strategy is only to acquire and hold Bitcoin. Following the first-ever Bitcoin sale, MSTR fell to its lowest level since August 2022, losing 1.1% to $136.63. However, the company repurchased 810 coins a couple of days after the sale.