[BTC] MicroStrategy Seeks to Sell $500M of Stock to Finance Bitcoin Purchases

Brian Leclere - 12 September 2022 - APP Crypto MARKET_WATCH

MicroStrategy (MSTR), a business software developer, has filed with the SEC for an IPO with a maximum value of $500 million, stating that some of the funds raised will be used to purchase further Bitcoin. The prospectus stated that the company plans to use the net proceeds from the sale “for general corporate activities,” which includes the purchase of Bitcoin.

MicroStrategy founder Michael Saylor, who just stepped down as CEO to become executive chairman and focus on Bitcoin purchases, is not backing off his grandiose aim to transform the company into a crypto proxy. Since 2020, he has spent over $2 billion on over 130,000 bitcoin that he bought with money from stock and bond deals.

 

A Bitcoin maximalist, Saylor, has pointed out that the corporation has thousands of Bitcoin it may pledge as security if necessary, even though the business software firm acquired a $205 million term loan from Silvergate in March to purchase further bitcoin possibly.
During an earnings call, MicroStrategy’s chief financial officer Andrew Kang indicated that the business has about 85,000 bitcoin that have not been pledged as collateral, providing more than enough to cover the ongoing needs of its Silvergate term loan through “any expected market volatility.”

MicroStrategy – Everything You Need to Know

MicroStrategy is a software company that provides business intelligence and analytics software. It was founded in 1989. MicroStrategy is one of the fastest-growing software companies in the world. MicroStrategy offers powerful and intuitive data discovery, analysis, and visualization tools. The platform can handle all types of structured or unstructured data in an enterprise environment.

They provide enterprise-level data management and analytics solutions for organizations to make better decisions faster. The company has about 3,000 customers, including 85% of the Fortune 500 and more than half of the Global 2000.

 

Source: MicroStrategy Seeks to Sell $500M of Stock to Finance Bitcoin Purchases

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