MicroStrategy Raise $584 Million For Bitcoin
MicroStrategy is still on a Bitcoin buying spree. The business declared on Friday it plans to raise money to acquire even more Bitcoin for its treasury, which has been finalized.
The company intends to use the $80 per share price at which it will go on the market to purchase Bitcoin. On X, formerly Twitter, MicroStrategy chairman and co-founder Michael Saylor declared that the company had increased the deal’s size from $250 million to $584 million.
The Nasdaq-listed business anticipates receiving $563.04 million in net proceeds from the sale, which it plans to use for “general corporate purposes, including the acquisition of Bitcoin and working capital.
The company’s shareholders voted just last week to increase the authorized Class A common shares by 30 times, giving the company more funds to purchase cryptocurrency. According to the reasoning, more shares on the market will result in more sales and, consequently, more funds available for Bitcoin.
MicroStrategy revealed their “21/21 Plan in 2024,” which calls for raising $42 billion to purchase additional Bitcoin. The company would sell $21 billion worth of fixed-income securities and raise $21 billion through equity sales.
MicroStrategy has shifted its focus from selling data analysis software to securitizing Bitcoin While investors purchase shares of MicroStrategy to gain exposure to the orange coin without actually handling it
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