MicroStrategy Selling $1,000,000,000 in Stock With Plans To Buy More Bitcoin
Enterprise analytics software firm MicroStrategy plans to issue additional shares to potentially finance the purchase of more Bitcoin.
According to a U.S. Securities and Exchange Commission (SEC) filing, the Michael Saylor-led firm says it will issue and sell class A common stock to raise up to $1 billion from “time to time” using the investment bank Jefferies as its agent.
MicroStrategy further says the proceeds from the equity sale will be used to purchase Bitcoin among other purposes.
According to MicroStrategy, the publicity generated by its Bitcoin purchases also serves as a potential marketing opportunity.