Tectono Business Review: MICROSTRATEGY SETS TO SELL $750M STOCKS TO ACQUIRE MORE BITCOIN

Wednesday 2 August 2023

MICROSTRATEGY SETS TO SELL $750M STOCKS TO ACQUIRE MORE BITCOIN

MicroStrategy, an American company that provides business intelligence, mobile software, and cloud-based services, has perfected plans to sell up to $750 million of stock, possibly to acquire BTC.

Following this announcement, the price of Bitcoin rose noticeably, approaching $29,800 from around $29,200.

MicroStrategy, which is believed to be a proxy for Bitcoin by many investors, acquired a giant Bitcoin stash in recent years and may raise up to $750 million by selling more stock and plans to use the proceeds for a variety of general corporate purposes, including the acquisition of more Bitcoins as well as some working capital

The announcement was made in a U.S. Securities and Exchange Commission filing late Tuesday.

Chairman of the Microstrategy, Michael Saylor, has gotten the company heavily involved with Bitcoin, buying billions of dollars’ worth since the pandemic.

The company owned 152,800 bitcoin as of July 31, which are now worth about $4.5 billion.

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Wednesday 2 August 2023

MICROSTRATEGY SETS TO SELL $750M STOCKS TO ACQUIRE MORE BITCOIN

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