MicroStrategy, the business intelligence company known for its massive Bitcoin holdings, just got a big boost from its shareholders. They overwhelmingly approved a plan to drastically increase the number of shares the company can issue. This move will allow MicroStrategy to raise a whopping $42 billion to buy even more Bitcoin.
Fueling the Bitcoin Fire
The shareholder vote saw roughly 56% approval for the proposal to increase authorized shares from a relatively small number to over 10 billion. This will give MicroStrategy the financial firepower to significantly expand its already impressive Bitcoin stash.
Already a Bitcoin Whale
Before this latest move, MicroStrategy had already been on a Bitcoin buying spree. Recently, they added 11,000 Bitcoin to their holdings, costing them $1.1 billion and bringing their total to around 461,000 Bitcoin. That’s a massive amount of Bitcoin, currently worth over $48 billion. This follows previous purchases of 2,530 Bitcoin just a week earlier. The company even announced a separate $2 billion fundraising plan for more Bitcoin purchases not long ago.
Future Plans Uncertain
MicroStrategy plans to raise this massive sum of money during the first three months of 2025. However, the company emphasized that the fundraising will depend on market conditions. They could choose not to proceed at all if conditions aren’t favorable. The company’s stated goal is to further strengthen its financial position and acquire more Bitcoin.
Disclaimer: This information is for general knowledge and does not constitute financial advice. Investing in Bitcoin and other cryptocurrencies is risky, and you could lose money. Always do your own research before making any investment decisions.
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