MicroStrategy to Sell $500 million in Stock Shares to Buy More Bitcoin
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Nasdaq-listed business intelligence and software company MicroStrategy Incorporated said it will sell up to $500 million in Class A shares to buy more bitcoins, according to a filing with the U.S. Securities and Exchange Commission (SEC) on Friday, Bloomberg reported.
MicroStrategy sells 500 million shares to buy more bitcoins
MicroStrategy announced that it has entered into a sales agreement through Cowen and Company, LLC and BTIG, LLC to sell up to $500 million of Class A common stock and plans to retain any potential future proceeds to purchase more Bitcoin and grow the software. business.
The stock offering will be used for “general corporate purposes, including the purchase of bitcoin,” the filing said.
In August, Michael Saylor, CEO of MicroStrategy Corporation and one of the biggest proponents of Bitcoin, handed over his CEO role to his assistant staff.
Saylor now serves as CEO and plans to focus exclusively on hoarding cryptocurrencies.
MicroStrategy is no stranger to Bitcoin betting, especially since the prices tend to be lower. Over the next few years, the business intelligence, software and cloud services company is hoping for a huge lift from inevitable price increases, as demand outstrips supply over the next decade.
A publicly traded company’s board of directors approved bitcoin as a primary fund asset and simply didn’t believe bitcoin was a viable option fiat but has made targeted and ambitious acquisitions,
Despite the accumulated losses so far, MicroStrategy Incorporated has continued to buy the bill, the latest of which is 480 units of Bitcoin (BTC) worth about $10 million on June 30.
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