MicroStrategy to Sell Up to $1B in Stock, Use Part of Proceeds to Buy Yet More Bitcoin
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.
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.
Related: 3 Things to Watch for Before Calling a Bitcoin Bottom
Saylor’s latest buying spree comes as bitcoin has lost more than a third of its value in the last month.
