MicroStrategy Inc plans to increase its bitcoin holdings through the net proceeds of its sale of up to $500 million worth of its class A shares.
SEC filings say the proceeds will be used for "general corporate purposes, including the acquisition of bitcoin."
According to the company, the new stock sale deal will not require MicroStrategy to issue any minimum offering amount. It further indicated in public filings that it expects to spend some of the proceeds on bitcoin purchases, but it did not make any promises about holding onto those purchases.
"We expect to purchase additional bitcoin in future periods, including with the net proceeds from this offering," the company wrote.
The firm "may also sell bitcoin in future periods as needed to generate cash and cash equivalents and short-term investments for treasury management purposes," the company wrote.
As of September 8, MicroStrategy held 129,699 bitcoins, whose market value at the time was worth well north of $2 billion.
The move...
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