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MicroStrategy to Sell Up to $1B in Stock, Use Part of Proceeds to Buy Yet More Bitcoin
The company plans to sell up to $1 billion in stock to buy even more.
By James Rubin
Updated Feb 9, 2023, 1:22 p.m. Published Jun 14, 2021, 11:02 p.m.
Next, Michael Saylor will be holding a bake sale to fund his bitcoin purchases.
On the same day MicroStrategy, the business intelligence software firm that Saylor runs, announced it had completed the sale of $500 million in bonds to increase its stash of the leading cryptocurrency by market capitalization, the firm said it plans to sell up to $1 billion in stock to buy even more.
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MicroStrategy's bitcoin trove is so big that owning the cryptocurrency is now described in the company's filings with the U.S. Securities and Exchange Commission as being part a key part of the firm's strategy. As of last week, the company held 92,079 bitcoin, worth more about $3.68 billion at the time of writing. With his latest capital raises, Saylor could bring that total to north of $5 billion.
Read more: MicroStrategy Bets Another $1B on Bitcoin
Saylor's latest buying spree comes as bitcoin has lost more than a third of its value in the last month.
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