MicroStrategy is not done with Bitcoin, plans to sell $1 billion worth of stock increase BTC stash
MicroStrategy’s appetite for Bitcoin appears to be insatiable. According to a SEC form published on June 14, the business intelligence firm is planning to sell up to $1 billion worth of its stocks to buy more Bitcoin.
Despite having the largest Bitcoin stash of any publicly traded company, MicroStrategy has continued to double down on its Bitcoin investment. In its latest more in support of the flagship currency, the firm will raise $1 billion from selling its stocks, and this will be used to purchase more Bitcoin.
As reported by BTC PEERS, MicroStrategy raised $500 million from the sales of secured notes on Monday. As expected, the funds will be used to increase its BTC stash. The news pushed the stock price of the firm by 13%.
Beyond actively buying and “hodling” the digital asset, MicroStrategy’s romance with Bitcoin has extended to education and awareness campaigns, at least for the company’s CEO Michael Saylor.
In February, Saylor shared his pro-Bitcoin views with over 6,900 employees at the MicroStrategy World 2021 virtual conference. And while Bitcoin was under intense fire for its energy consumption last month, Saylor was a key player in forming the Bitcoin Mining Council, geared towards greener options for crypto mining activities.