MicroStrategy Plans to Buy More Bitcoins

MicroStrategy has announced its intention to convene a special shareholder meeting in order to gain approval to issue a large number of new shares. This move will provide the necessary funding for the company’s bold strategy of acquiring Bitcoin.

The proposal involves increasing the authorized Class A shares from 33 million to 10.33 billion, and the authorized preferred shares from 5 million to 1.005 billion. By doing so, MicroStrategy aims to strengthen its ability to raise capital through equity offerings.

Additionally, the company plans to amend its 2023 Equity Incentive Plan to include automatic equity awards for new board members, aligning their interests with the Bitcoin-focused strategy.

The timing of the shareholder meeting coincides with MicroStrategy’s latest Bitcoin purchase of 5,262 BTC for $561 million.

This brings the company’s total Bitcoin holdings to 444,262 BTC, with an average cost of $62,257 per Bitcoin and a total expenditure of $27.7 billion.