U.Today – Michael Saylor, founder and executive chairman of MicroStrategy, posted a tweet to announce his company’s intention to raise additional funds to purchase it this year.
MSTR to raise $2 billion to expand its Bitcoin holdings
Vocal Bitcoin evangelist Saylor shared a link to a press release stating that MicroStrategy is aiming for a new fundraising goal for the first quarter of this year to secure an additional $2 billion to accumulate another jackpot of Bitcoin.
The document states that as part of the previously announced 21/21 plan to raise $21 billion through “fixed income instruments, including debt, convertible bonds and preferred shares” over the next three years , MicroStrategy now announces plans to go public with one or more underwritten perpetual preferred stock offerings and raise $2 billion. These shares will be superior to the company’s Class A common stock, the press release emphasizes.
The perpetual shares will give their owners options to convert into MSTR Class A common stock, receive payment of cash dividends, as well as “share repurchase provisions,” etc.
MicroStrategy plans to register the aforementioned offering by filing a Form S-3 with the United States Securities and Exchange Commission. Details of the offer, such as the number of depositary shares, final offer conditions, offer price, have not yet been decided, according to the document.
The press release highlights that MicroStrategy may choose not to pursue this offering or at all.
Saylor’s company buys $209 million in Bitcoin
As U.Today reported earlier, on the last day of 2024, MicroStrategy announced another massive Bitcoin purchase as it spent $209 million to acquire around 2,138 BTC at an average price of $97,837 per BTC.
This recently marked the company’s eighth consecutive purchase of Bitcoin. As of December 29, Saylor’s company owned 446,400 Bitcoins, valued at $27.9 billion. Additionally, MSTR achieved a BTC return of 47.8% for the quarter and 74.1% year-to-date, according to a tweet posted by Michael Saylor on December 31.
A week before, the…
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