In a massive development, MicroStrategy, now known as Strategy, has announced plans to raise up to $21 billion to buy more Bitcoin. The company intends to offer its preferred stock to raise this capital for its BTC acquisition plans.
MicroStrategy To Raise Up To $21 Billion To Buy More Bitcoin
In a press release, MicroStrategy revealed plans to raise up to $21 billion to buy more Bitcoin. This followed the company’s announcement that it has entered into a sales agreement, which allows them to issue and sell shares of its 8.00% series A perpetual strike preferred stock at $0.001 par value per share, which sums up to $21 billion.
Strategy revealed that it expects to make sales of perpetual strike preferred stock pursuant to the at-the-market (ATM) Program in a “disciplined manner” over an extended period. The company will take into account the trading price and trading volumes of the perpetual strike preferred stock at the time of sale.
MicroStraetgy specifically mentioned that it intends to use the net proceeds from the ATM Program for general corporate purposes, including the acquisition of Bitcoin and for working capital.
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