MicroStrategy Plans to Sell $500 M of Stock to Buy More Bitcoin

by in Cryptocurrency News

MicroStrategy Bitcoin stock

Business intelligence firm MicroStrategy intends to buy more Bitcoins by selling up to $500 M of stock. According to an SEC filing, the company's stock offering serves general corporate purposes, including Bitcoin purchases. The company's class A shares are listed on The Nasdaq Global Select Market under the trading symbol MSTR.

Related: MicroStrategy Bought 480 Bitcoins for $10 M

In early August, MicroStrategy co-founder Michael Saylor announced leaving his position as a CEO to be an executive chairman of a tech company focused only on BTC.

MicroStrategy is a top Bitcoin investor, which brought about 130,000 coins worth over $2 B.

While MicroStrategy finds ways to increase its Bitcoin holdings, the price of the coin went up by 7.8% in the last 24 hours. Currently, Bitcoin trades at around $21,300. It's still 68% down from its all-time high of $68,700 reached in November 2021.