MicroStrategy, under the leadership of Chairman Michael Saylor, has shown continued interest in the flagship cryptocurrency.
Software developer MicroStrategy has revealed its plan to increase its Bitcoin (BTC) stack. According to a Tuesday filing with the US Securities and Exchange Commission (SEC), the firm’s action plan includes raising at least $750 million by selling more stock. It will then use a sizable part of the fund raised to buy more BTC.
MicroStrategy Continues Its Bitcoin (BTC) Acquisition Spree
It might be worth mentioning that MicroStrategy, under the leadership of Chairman Michael Saylor, has shown continued interest in the flagship cryptocurrency. To put the above statement into perspective, the firm has invested billions of dollars into BTC since the pandemic.
However, it is also worth noting that, for some reason, Saylor has led MicroStrategy to keep raising funds for its BTC purchases the old-fashioned way. That is, by selling more of the publicly traded company’s equity and bonds.
About its intention to sell more stock, the new filing revealed that MicroStrategy will not be using the entire capital to buy BTC. The statement reads in part:
“We intend to use the net proceeds from this offering for general corporate purposes, including the acquisition of bitcoin and working capital.”
BTC Price Appreciates
Meanwhile, Bitcoin’s BTC price surged significantly following reports of the BTC Whale’s plan to increase its holding. The price went up from around $29,200 to about $29,800 late Tuesday. However, it has since retraced, and currently hovers around $21,400, as CoinMarketCap data suggests. Nonetheless, the price is still up on the daily chart, gaining 1.56% in the past 24 hours.
As Coinspeaker earlier reported, MicroStrategy has 152,800 Bitcoin in its possession. That is worth approximately $4.5 billion, as of publication. But with the new announcement, expectations are that there is about to be some addition to those figures.
next