MicroStrategy, a software provider that has acquired a sizable bitcoin (BTC) hoard in recent years, aims to raise up to $750 million by selling more stock, with the revenues going towards purchasing more bitcoin, among other things.
The announcement was made late Tuesday in a Securities and Exchange Commission filing. In the aftermath, Bitcoin’s price climbed substantially, surpassing $29,800 from roughly $29,200.
Since the outbreak, Chairman Michael Saylor has gotten MicroStrategy significantly involved with bitcoin, purchasing billions of dollars worth.
And he’s done it the old-fashioned way: by selling more of the publicly traded company’s stock and bonds. This contributes to that plan.
As of July 31, the company possessed 152,800 bitcoin, which is presently worth over $4.5 billion.