Monday, 23 December 2024 MicroStrategy plans to sell up to $2 billion of its class A shares to invest in Bitcoin and for other corporate uses, as revealed in a recent SEC filing. This move aligns with the company’s continued focus on expanding its cryptocurrency holdings. The exact timeline for the share sales and the portion of proceeds allocated for Bitcoin purchases remain undisclosed.
The announcement follows MicroStrategy’s release of its second-quarter financial results, indicating a quarterly loss driven by an impairment charge on its Bitcoin holdings, valued at around $13.77 billion. During this period, the company acquired 12,222 Bitcoin, spending over $805 million at an average price of $65,880 per coin. This strategic acquisition boosted MicroStrategy’s total Bitcoin holdings to 226,500, reinforcing its position as a public company with the largest BTC reserve.
President Phong Le described the firm’s Bitcoin strategy as “successful,” highlighting a 70% surge in the market value of the company’s holdings. MicroStrategy, under the leadership of Michael Saylor, continues to make significant moves in the digital assets industry, attracting attention with its unwavering belief in Bitcoin.