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MicroStrategy to Sell Up to $1B in Stock, Use Part of Proceeds to Buy Yet More Bitcoin

The company plans to sell up to $1 billion in stock to buy even more.

Updated Feb 9, 2023, 1:22 p.m. Published Jun 14, 2021, 11:02 p.m.

MicroStrategy Executive Director Michael Saylor speaks at the Bitcoin 2021 Convention (Joe Raedle/Getty Images)

Next, Michael Saylor will be holding a bake sale to fund his bitcoin purchases.

On the same day MicroStrategy, the business intelligence software firm that Saylor runs, announced it had completed the sale of $500 million in bonds to increase its stash of the leading cryptocurrency by market capitalization, the firm said it plans to sell up to $1 billion in stock to buy even more.

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MicroStrategy's bitcoin trove is so big that owning the cryptocurrency is now described in the company's filings with the U.S. Securities and Exchange Commission as being part a key part of the firm's strategy. As of last week, the company held 92,079 bitcoin, worth more about $3.68 billion at the time of writing. With his latest capital raises, Saylor could bring that total to north of $5 billion.

Saylor's latest buying spree comes as bitcoin has lost more than a third of its value in the last month.

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James Rubin

James Rubin was CoinDesk's Co-Managing Editor, Markets team based on the West Coast. He has written and edited for the Milken Institute, TheStreet.com and the Economist Intelligence Unit, among other organizations. He is also the co-author of the Urban Cyclist's Survival Guide. He owns a small amount of bitcoin.