MicroStrategy plans to increase its Bitcoin stack and raise at least $750 million by selling more stock, with a sizable part of the funds used to buy more BTC.
The firm, led by Chairman Michael Saylor, has shown continued interest in Bitcoin and has invested billions of dollars into BTC since the pandemic.
MicroStrategy will not use the entire capital from the stock offering to buy BTC; some funds will be used for general corporate purposes and working capital.
Following the news of MicroStrategy’s plan to increase its Bitcoin holding, the BTC price surged from around $29,200 to about $29,800, but it has since retraced to around $29,300.
MicroStrategy currently holds 152,800 Bitcoin, worth approximately $4.5 billion, and there are expectations of additional purchases following the recent announcement.
