Michael Saylor said in the share sale file that more Bitcoin (BTC) can be bought with the proceeds from the sale.
The firm plans to sell $500 million of Class A shares.
MicroStrategy Apply for Share Sale
Recognized as the largest institutional Bitcoin buyer, MicroStrategy has filed with the US Securities and Exchange Commission for a $500 million share sale. The company stated in the file that this sale could be used to buy more Bitcoin.
Class A shares are owned by Cowen & Co., according to a filing filed by the enterprise software company. and will sell through BTIG LLC. While no exact date was given for the possible sale, the company added that the proceeds from this sale plan to retain all future earnings to buy Bitcoin (BTC) and for the development of its software business.
MicroStrategy co-founder Michael Saylor stepped down as CEO in August to pursue the Bitcoin strategy. Virginia-based Tysons Corner reported more than $1 billion in losses related to the second-quarter drop in the price of Bitcoin. Saylor, who became the founding partner of the company in 1989, continues his duty as chief executive officer.
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