MicroStrategy Inc. plans to sell up to $500 million of stock to fund additional purchases of Bitcoin, the company said Friday.
The business intelligence software maker said it now holds about 129,699 bitcoins, worth about an aggregate purchase price of $3.977 billion. The company has been buying bitcoin since Summer 2020, when it announced its first purchase of 21,454 bitcoins for $250 million.
“This investment reflects our belief that bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash,” MicroStrategy CEO Michael Saylor said in a statement.
In the company’s SEC filing, MicroStrategy mentioned “We intend to use the net proceeds from the sale of any class A common stock offered under this prospectus for general corporate purposes, including the acquisition of bitcoin, unless otherwise indicated in the applicable prospectus supplement.”
The company said it plans to sell shares “from time to time” as needed to fund more bitcoin purchases. It did not say how many shares it plans to sell or when the sales will occur.