MicroStrategy raises $563 million to buy Bitcoin by offering preferred stocks. Company holds over $48 billion in Bitcoin. Shareholders agreed to increase shares for Bitcoin purchase.
Software company MicroStrategy announced its plan to raise $563.4 million by offering preferred stocks at $80 per share, with a portion allocated for buying Bitcoin (BTC). Founded by Bitcoin advocate Michael Saylor, the company currently holds 471,107 Bitcoins worth over $48 billion. The new preferred stocks will pay an 8% annual fixed rate of interest and can be converted to Class A common stocks. This move comes after shareholders recently agreed to increase the number of shares to buy more Bitcoin.
