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MicroStrategy doubles down on Bitcoin, plans $2 billion stock offering to fund more BTC buys
MicroStrategy has announced its intention to raise up to $2 billion through a public offering of perpetual preferred stock in order to further bolster its balance sheet and purchase even more Bitcoin. This move falls under the company’s “21/21 Plan,” which aims to secure $21 billion in equity and another $21 billion through fixed income instruments, including debt, convertible notes, and preferred stock over the course of three years.
The planned stock offering is subject to market conditions and the discretion of the company, with no final terms or pricing having been determined. However, it is expected to take place during the first quarter of 2025.
As part of this plan, MicroStrategy will also be hosting a shareholder meeting via webcast to vote on increasing its authorized common stock to 10.3 billion shares from 330 million and preferred stock to 1 billion shares from 5 million, among other proposals. This meeting will be open to all registered shareholders at a date yet to be determined in 2025.
The revelation comes after the company has already acquired an impressive 194,180 BTC since initiating its “21/21 Plan” last October, accounting for roughly 45% of its investment target. With current market prices taken into account, these holdings are now valued at approximately $19 billion.
Source: cryptobriefing.com
