Business intelligence software developer MicroStrategy is doubling down on Bitcoin (BTC) as it plans to sell $500 million of stock to be able to purchase more of the flagship cryptocurrency.
A filing with the U.S. Securities and Exchange Commission on Friday detailed the stock offering of which the proceeds will be used for “general corporate purposes, including the acquisition of bitcoin.” The document read:
“In accordance with the terms of the Sales Agreement, under this prospectus supplement, we may offer and sell shares of our class A common stock having an aggregate offering price of up to $500,000,000 from time to time through one or more of the Agents, acting as our sales agents.”
The stock offering will be handled by two of the most prominent investment banks dealing with crypto-related stocks, Cowen and BTIG.
MicroStraty is clearly not backing out off its crypto ambitions with this announcement of acquiring more Bitcoin. MicroStrategy currently holds 129,699 BTC which at today’s price the holdings represents a value of roughly $2.7 billion.
Having become somewhat of a crypto-proxy, the firm’s shares jumped 10% on Friday along with BTC’s price jump.
Ten days ago, Michael Saylor who recently stepped down as CEO of MicroStrategy, got sued over allegedly evading payment of $25 million in taxes.
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Source: Igaming
