MicroStrategy could raise up to $750 million to buy bitcoins

MicroStrategy could raise up to $750 million to buy bitcoins

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Author: Robert Strickland (crypto-journalist)
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MicroStrategy could raise up to $750 million to buy bitcoins

MicroStrategy could raise up to $750 million more to buy bitcoins after its IPO



The company has bought another 467 coins since June 30; it owned 152,800 bitcoins at the end of July

Michael Saylor's MicroStrategy may raise up to $750 million by selling its shares to three companies and may use the proceeds to buy bitcoins, among other things, the company said in a filing with the U.S. Securities and Exchange Commission (SEC) on Aug. 1.

"As with our previous programs, we may use the proceeds for general corporate purposes, which include the purchase of bitcoins and the repurchase or repayment of our outstanding debt," the company clarified.

MicroStrategy bought $361.4 million more bitcoins in the second quarter of 2023, marking the largest coin purchase by a company since the cryptocurrency's price peak in late 2021. Since June 30, the company has purchased an additional 467 coins. As a result, the total value of bitcoins owned by the company was about $4.53 billion. As of July 31, the company owned 152,800 BTC.

At the end of June, MicroStrategy purchased another 12.3 thousand bitcoins for a total of $347 million.

 

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