MicroStrategy Plans 11 Billion Share Issue To Buy More Bitcoin
MicroStrategy, the biggest corporate owner of Bitcoin, has proposed issuing 11 billion shares to boost its Bitcoin buying strategy. MicroStrategy is asking for shareholder approval to increase the number of both A Class common stock and preferred stock. A company statement proposes increasing the number of authorized shares of Class A Stock from 330 million to 10.33 billion and the number of preferred shares from 5 million to 1.005 billion. “The proposals we are asking you to consider reflect a new chapter in our evolution as a Bitcoin treasury company and our ambitious goals for the future,” the statement said. The date for a special stockholder meeting to vote on the proposal has not been disclosed yet. MicroStrategy Doubles Down On Bitcoin Strategy The move shows MicroStrategy CEO Michael Saylor doubling down on his Bitcoin-buying strategy even as the king of cryptos faces some market turbulence. The Bitcoin price has plunged almost 12% in the last week and 2% in the...