MicroStrategy votes to increase number of shares, fuel bitcoin purchases

MicroStrategy shareholders approved two amendments on Monday that will allow the company to increase the number of authorized stock in order to help the company pursue its plan of buying more bitcoin.

Last October, the company announced plans to offer $21 billion in equity and $21 billion in fixed-income securities to support this bitcoin treasury reserve strategy — a move referred to as its "21/21 plan." As of Jan. 20, the company said approximately $5.42 billion worth of shares remained available for sale as part of its plan targeting a total of $42 billion  for bitcoin acquisitions.

On Tuesday, shareholders voted in favor of both increasing the number of authorized Class A common stock and preferred stock.

Earlier in the day, MicroStrategy said it had purchased another 11,000 BTC for approximately $1.1 billion at an average price of $101,191 per bitcoin. The business intelligence company now holds 461,000 BTC, worth over $48 billion.

MicroStrategy's stock (MSTR) was trading down 4.5% at publication time, while the price of bitcoin was down about 3%.