MicroStrategy co-founder Michael Saylor has sparked speculation of another Bitcoin acquisition as he posted a Bitcoin chart on the SaylorTracker website on January 5, a day typically preceding the company’s cryptocurrency purchases. The data shows MicroStrategy currently holds 446,400 Bitcoins, with a valuation nearing $43.7 billion.
Recently, the company bought 2,138 Bitcoins on December 30 for an average price of $97,837 per coin, following a similar posting pattern. This aligns with MicroStrategy’s ambitious 21/21 plan, which aims to finance the acquisition of $42 billion in Bitcoin through issuing $21 billion in equity and $21 billion in fixed-income securities.
MicroStrategy’s inclusion in the Nasdaq 100, a significant stock market index, offers indirect exposure to Bitcoin for traditional stock investors. In enhancing its Bitcoin treasury strategy, the company has reached out to shareholders to approve an increase in class A common stock shares from 330 million to 10.3 billion and preferred stock shares from 5 million to over 1 billion, as stated in a December 23 SEC filing.
Additionally, MicroStrategy announced plans to raise $2 billion through a perpetual preferred stock offering, which would take precedence over common stock in financial distributions if the company faces liquidation. This capital raise is independent of the 21/21 plan and is anticipated to occur within the first quarter of 2024, following necessary corporate approvals.
