MicroStrategy Plans to Acquire More Bitcoin

MicroStrategy has not made any new purchases of the cryptocurrency since mid-September.

However, the company has announced a bold plan to raise $42 billion in capital over the next three years to bolster its holdings of the world’s largest crypto.

Under the leadership of Executive Chairman Michael Saylor, the “21/21 Plan” aims to generate $21 billion through equity raises and another $21 billion through debt offerings within the next three years.

According to President and CEO Phong Le, the company will use the additional capital to acquire more Bitcoin as a treasury reserve asset, in order to achieve higher returns.

In its third quarter earnings press release, MicroStrategy had last disclosed its purchase of 7,420 Bitcoins for $458.2 million in mid-September.

This brought its total holdings at the time to 252,220 Bitcoins, acquired for a total cost of $9.9 billion at an average price of $39,266 each. With the current price of Bitcoin at around $72,000, the company’s holdings are now worth over $18 billion.