MicroStrategy seeks to sell $500 million of stock to fund Bitcoin purchases

MicroStrategy seeks to sell $500 million of stock to fund Bitcoin purchases


MicroStrategy, 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 more BTC.

MicroStrategy founder Michael Saylor, who just recently stepped down as CEO to become executive chairman and focus on Bitcoin purchases, is still committed to his goal of transforming the company into a crypto proxy.

According to MicroStrategy’s Q2 results call, the company possessed 129,699 BTC as of June 30, valued at about $2.99 billion at current pricing. The coins were purchased at an average of $30,664, indicating that the company’s Bitcoin investment is currently unprofitable. As a result, MicroStrategy's stock has become almost pegged to the value of Bitcoin, and the company has lost $1.2 billion due to the crypto winter this year.

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