MicroStrategy's Bitcoin sale put down to tax-harvesting - here's everything you need to know about the practice.
MicroStrategy made waves in the industry in 2021 as it, with founder Michael Saylor touting the asset as a superior store of value to fiat currency as a primary reason for the move.
“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.” Ozelli said that the practice is common for individuals in the cryptocurrency space, given that assets like BTC are treated as property by the Internal Revenue Service and subject to capital gains and losses rules.
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