MicroStrategy announced intentions to sell $1 billion in stock after completing a $500 million bond issue. The money raised will be used to purchase bitcoins.
MicroStrategy announced intentions to issue $400 million in bonds earlier this month. However, because demand for securities was larger than expected, the company's management decided to issue more bonds. The entire amount of money received was $500 million, with investors' interest totaling $1.6 billion.
The money raised will be used to purchase bitcoins. MicroStrategy's management also intends to raise its BTC reserves and sell $1 billion worth of business shares at the same time. The following are highlights from the company's filing with the Securities and Exchange Commission (SEC) in the United States:
"The proceeds from the sale of common stock will be used for general business objectives, including the acquisition of bitcoins. At the same time, management will have extensive control over money allocation."
MicroStrategy wallets now hold more than 92,000 bitcoins. At the current currency rate, they are worth more than $3.7 billion. Michael Saylor, the CEO of MicroStrategy, previously stated that he has 111,000 bitcoins and will not sell them.