The shareholders behind MicroStrategy have voted to dramatically increase the number of shares in a bid to raise funds for additional Bitcoin (BTC).
According to a new Bloomberg report, the business intelligence firm, known for its extensive BTC investments, proposed increasing the number of authorized Class A common shares from 330 million to 10.3 billion and preferred shares from 5 million to 1 billion.
The proposal was met with approximately 56% shareholder approval.
This move aims to raise up to $42 billion to add to MicroStrategy’s already massive Bitcoin treasure chest over the next few years.
Before the announcement was made, MicroStrategy added to that trove by buying 11,000 BTC for $1.1 billion, bringing its total BTC holdings to around 461,000, valued at more than $48 billion.
Just last week, MicroStrategy added 2,530 BTC to their stash, bringing their total, at the time, to 450,000 BTC.
And in the week prior, MicroStrategy announced a $2 billion fundraising plan to purchase more BTC. The firm says its planned capital raise slated for the first three months of the year may or may not go ahead depending on market conditions.
“The purpose of the offering is to allow MicroStrategy to continue to strengthen its balance sheet and acquire more Bitcoin. The offering is expected to occur, if at all, in the first quarter of 2025.
However, the decision whether to proceed with and consummate the Offering is in MicroStrategy’s sole discretion and is subject to market and other conditions. MicroStrategy may choose not to proceed with or consummate the offering at all.”
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