MicroStrategy to Sell $1 Billion in Stocks to Buy BTC
MicroStrategy has just announced it is about to sell $1B in stocks and that it will use the proceedings of this offering to acquire more Bitcoins.
In an S-3 filing filed with the Securities and Exchange Commission (SEC), the company has unveiled it plans to carry out a $1 billion stock offering and that the raised funds will be used to several purposes, including buying additional bitcoins. The company wrote:
“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, unless otherwise indicated in the applicable prospectus supplement. We have not determined the amount of net proceeds to be used specifically for any particular purpose. As a result, management will retain broad discretion over the allocation of the net proceeds of any offering.”
The company currently owns over 92,000 Bitcoins, worth around $3.7 billion.