Recent SEC filing reveals that MicroStrategy to reinvest $500M stock sales into Bitcoin
Despite Saylor's stepping down as the chairman of the company, MicroStrategy pursues his dream to acquire more BTC by selling company stocks
By Shashank Bhardwaj
MicroStrategy (MSTR) intends to sell up to $500 million in stock. The sale is expected to take place to fund additional crypto asset purchases. MicroStrategy is the largest institutional buyer of Bitcoin (BTC). It agreed to sell its aggregated class A common stock through two agents, Cowen and Company and BTIG. The company stated that the net proceeds from the sale would be used for 'general corporate activities.' It includes the purchase of Bitcoin. MicroStrategy filed this with the US Securities and Exchange Commission on Friday (SEC).
Michael Saylor, the former chairman of the software development firm, is a Bitcoin bull. Despite the significant drop in Bitcoin prices, he previously stated that he would not sell the company's Bitcoin holdings. Over the course of several years, MicroStrategy amassed approximately 129,699 BTC for a total purchase price of $3.977 billion. The recent filing shows that the business analytics software firm is still pursuing its goal of acquiring more BTC by selling company stock. According to the filing,
"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."
MicroStrategy's stock rose 12 percent on Friday. This occurred as Bitcoin increased by nearly 10 percent. However, following the announcement of the stock offering, the stock fell about 1.5 percent in after-hours trading. This incident is expected to reduce the value of existing shares. Buying the dip is critical for MicroS strategy. This is due to the reason that the company's BTC reserve has dropped to nearly $2.8 billion. This resulted in a loss of more than $1 billion.
The District of Columbia recently sued Saylor and MicroStrategy for allegedly evading taxes on Saylor's earnings in the district. MicroStrategy's chief financial officer, Andrew Kang, previously stated during an earnings call that the company has approximately 85,000 bitcoins that have not been pledged as collateral. It is supposed to provide more than enough to cover the ongoing needs of its Silvergate term loan in the event of 'any expected market volatility.'
From the standpoint of the company, this filing comes at an interesting time. Rumours were circulated that the firm had begun dumping its bitcoins after Michael Saylor stepped down as CEO. After that, MicroStrategy assured that it would continue to accumulate BTC. However, it has not done so officially yet.
Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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CoinDCX raises over $135 million in fresh funding round, now worth $2 billionRead More..
Atari terminates blockchain joint venture with ICICB GroupRead More..
Monero's July hard fork confirmed by its communityRead More..
Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange CoinberryRead More..
US Govt Links North Korea to Axie Infinity HackRead More..
Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..