Bitcoin

MicroStrategy, the software developer that has gained attention for amassing a giant Bitcoin (BTC) stash in recent years, announced plans to raise up to $750 million by selling more stock. The company has stated that the proceeds will be used for general corporate purposes, including the acquisition of Bitcoin, working capital, and subject to market conditions, already issued bonds. 
The announcement was made in a U.S. Securities and Exchange Commission filing late Tuesday, and Bitcoin’s price rose noticeably in the aftermath, approaching $29,800 from around $29,200. 
Chairman Michael Saylor has led MicroStrategy’s heavy involvement with Bitcoin, buying billions of dollars worth since the pandemic began. He has raised money through traditional means, selling more of the publicly traded company’s equity and bonds. This recent announcement adds to that ongoing strategy. 
As of July 31, the company owned 152,800 Bitcoin, valued at approximately $4.5 billion. 
<blockquote> 
 “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,” reads the statement in MicroStrategy’s Tuesday filing. 
</blockquote> 
This move signifies MicroStrategy’s commitment to Bitcoin as a significant part of its investment portfolio. The strategy adopted by Saylor has often been seen as bold and has sparked both admiration and criticism within the investment community. 
The continued investment in Bitcoin by prominent companies like MicroStrategy underlines the growing acceptance of cryptocurrency in the business world. This trend may lead to further mainstream adoption and stability within the cryptocurrency market.

MicroStrategy plans $750 million stock sale to boost Bitcoin portfolio

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