MicroStrategy hopes to raise up to $750 million by selling further shares of its stock, which it will use to buy more Bitcoin and for other business-related expenses.
Michael Saylor’s MicroStrategy has 152,800 BTC, which is valued at over $4.5 billion
MicroStrategy hopes to raise up to $750 million by selling further shares of its stock, which it will use to buy more Bitcoin and for other business-related expenses.
The disclosure was made in a filing with the US Securities and Exchange Commission on Tuesday.
MicroStrategy recorded a net income of $22.2 million for the second quarter of 2018, which is a significant improvement from the $1.1 billion net loss it experienced in the same quarter of 2017. A lesser impairment loss on digital assets is largely the reason for this.
Chairman Michael Saylor, a vocal Bitcoin proponent, has been heavily involved with Bitcoin, purchasing billions of dollars' worth. Recently in July, MicroStrategy purchased another 467 BTC for $14.4 million.
Currently, the corporation has 152,800 BTC, which is valued over $4.5 billion. In keeping with MicroStrategy's aim to use Bitcoin as a treasury reserve asset, additional funding will be raised in order to purchase Bitcoin.
