Microstrategy plans to buy more Bitcoin by expanding share issuance program. Company aims to purchase $42 billion worth of bitcoins in 3 years.
Microstrategy, by submitting a request to the U.S. Securities and Exchange Commission (SEC), has called for an extraordinary shareholders’ meeting to expand its share issuance program and buy more bitcoins. The company aims to increase the Class A common shares from 330 million to 10.33 billion shares and preferred shares from 5 million to over one billion shares. This action is in line with the company’s 2021 strategy aiming to purchase $42 billion worth of bitcoins over the next 3 years. Microstrategy, which has been regularly buying bitcoins since 2020, had a total of 444,262 bitcoins valued at approximately $43.5 billion by December 22, purchased at an average price of $62,257.
