To Acquire Even More Bitcoin, MicroStrategy will Now Sell up to $1 Billion of its Shares

2021-6-16 18:30

MicroStrategy Inc. has filed a “shelf” registration with the U.S. Securities and Exchange Commission (SEC) to sell up to $1 billion in common shares for general purposes.

These funds will be used to purchase more Bitcoin. The filing reads,

“We intend to use the net proceeds from the sale of any class A common stock offered under this prospectus for general corporate purposes, including the acquisition of bitcoin.”

Just this week, MicroStrategy completed a $500 million offering of 6.125% Senior Secured Notes due 2028. The company will be using the funds to buy BTC.

As of now, the company has a stash of 92,079 BTC, representing nearly 0.5% of Bitcoin’s circulating supply, which is held by a newly formed subsidiary of MicroStrategy, MacroStrategy.

MicroStrategy’s shares are currently trading at $546, down from Monday’s high of just above $600. MSTR’s share price is still down 58.5% from its all-time high of $1,315 in early February.

The post To Acquire Even More Bitcoin, MicroStrategy will Now Sell up to Billion of its Shares first appeared on BitcoinExchangeGuide.

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