The funds would be used for "general corporate reasons, including the acquisition of Bitcoin," according to the company. MicroStrategy stated it may sell up to $1 billion of its shares for the same reason on the same day it said it would spend $488 million from a private offering sale to acquire Bitcoin.
MicroStrategy announced it will undertake a "at the market" securities offering, allowing it to sell up to $1 billion of its Class A Common shares over time, according to a Monday S-3 filing with the US Securities and Exchange Commission.
“Because Bitcoin does not pay interest or other returns, our ability to generate a return on investment from the net proceeds of this offering will be contingent on whether the value of Bitcoin appreciates following our purchases of Bitcoin with the net proceeds of this offering,” according to the filing. “Future variations in Bitcoin trading prices may cause us to convert Bitcoin bought with the net proceeds of this offering into cash with a value considerably less than the net proceeds of this offering.”
MicroStrategy has 92,079 Bitcoin (BTC) as of June 4, according to the SEC filing, worth nearly $3.7 billion at the time of writing, with the business announcing today that it planned to buy another $488 million in the cryptocurrency. According to the report, MicroStrategy acquired its previous crypto assets at an average BTC price of $24,450, implying that the value of the company's crypto has increased by about $1.5 billion.
If the corporation invests the whole $1 billion in Bitcoin again, it will have around 25,000 coins in its possession at the current value of $40,150. In the previous 24 hours, the value of the crypto asset has increased by more than 8.8%.
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