Share this article
Bitcoin Whale Michael Saylor Might Buy a Lot More BTC
MicroStrategy plans to sell up to $750 million of stock, possibly to acquire BTC. The price of bitcoin rose following the announcement.
By Nick Baker
Updated Aug 2, 2023, 3:14 p.m. Published Aug 1, 2023, 11:18 p.m.
MicroStrategy, the software developer that’s amassed a giant stash in recent years, may raise up to $750 million by selling more stock and plans to use the proceeds to buy more bitcoin, among other things.
The announcement was made in a U.S. Securities and Exchange Commission filing late Tuesday. Bitcoin’s price rose noticeably in the aftermath, approaching $29,800 from around $29,200.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Chairman Michael Saylor has gotten MicroStrategy heavily involved with bitcoin, buying billions of dollars worth since the pandemic. And he’s raised money to do so the old-fashioned way: selling more of the publicly traded company’s equity and bonds. This adds to that strategy.
Advertisement
Read more: Michael Saylor Lost Big in the Dot-Com Bubble and Bitcoin’s Crash. Now He Aims to Rebound Again
The company owned 152,800 bitcoin as of July 31, which are now worth about $4.5 billion.
“We intend to use the net proceeds from this offering for general corporate purposes, including the acquisition of bitcoin and working capital, and, subject to market conditions,” already issued bonds, according to MicroStrategy’s Tuesday filing.
UPDATE (Aug. 2, 2023, 00:21 UTC): Updates BTC's price.
Больше для вас
Больше для вас
Bitcoin Jumps to $99K as Spiking Coinbase Premium Points to Strong U.S. Buying
Spot BTC prices were at times $300 pricier on Coinbase relative to Binance, suggesting the rally may be driven by heavy demand from American investors.
Что нужно знать:
- Bitcoin surged towards $100,000 on Wednesday's U.S. trading session, gaining 3.2% in the past 24 hours.
- The rally coincided with significant spot BTC price premium on Coinbase.
- Fed Chair Jerome Powell called bitcoin a competitor to gold during a panel discussion.
Top Stories
