In my opinion, Saylor played a large hand in triggering the last crypto bull-run. He used Microstrategy's cash reserves, capability to raise money via stock sales and taking on more debt, to keep stacking Bitcoin.

As per the lastest [Form 8-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/1050446/000119312522184423/d374401d8k.htm), MSTR acquired 480 more Bitcoin for $10 million from May 3, 2022 to June 28. 

Starting August 2020, Microstrategy has bought, in aggregate, 129'698 BTC at a total cost of $3,977 billion for an average price of $30'664.


![image.png](https://images.hive.blog/DQmWaY8zMnk8XDNuBK5KEuN1FMXCrzK31PJzYJRSCNKhcUB/image.png)

While his book gains from the early buys protected him on paper so far, a Bitcoin price of $20'135 is now wreaking havoc on MSTRs balance sheet. The loss from BTC balloned to $1,365 billion.



Sources: 

+ [Form 8-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/1050446/000119312522184423/d374401d8k.htm) - June 29, 2022

+ Quarterly numbers as reported in Microstrategy's Quarterly Report  Q1 2022: [Link](https://www.microstrategy.com/content/dam/website-assets/collateral/financial-documents/events-presentations/Q1-2022_microstrategy-earnings-presentation.pdf)

+ Press Release: [MicroStrategy Announces Fourth Quarter 2021 Financial Results](https://www.microstrategy.com/content/dam/website-assets/collateral/financial-documents/press-release-archive/microstrategy-announces-fourth-quarter-2021-financial-results_02-01-2022.pdf) (page no. 8)

+ Quarterly numbers as reported in Microstrategy's Quarterly Report  Q4 2021: [Link](https://www.microstrategy.com/content/dam/website-assets/collateral/financial-documents/events-presentations/Q4-2021_microstrategy-earnings-presentation.pdf)
+ Quarterly numbers as reported in Microstrategy's Quarterly Report  Q3 2021: [Link](https://www.microstrategy.com/content/dam/website-assets/collateral/financial-documents/events-presentations/Q3-2021_microstrategy-earnings-presentation.pdf)

+ Quarterly numbers as reported in Microstrategy's Quarterly Report Q3 2020: [Link](https://www.microstrategy.com/content/dam/website-assets/collateral/financial-documents/press-release-archive/MicroStrategy-Announces-Third-Quarter-2020-Financial-Results.pdf)
+ Source Microstrategy financials: [finance.yahoo.com](https://finance.yahoo.com/quote/MSTR/financials?p=MSTR)



Data is aggregate numbers per quarter as disclosed by the company.



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