MicroStrategy Announces Plan to Raise $21 Billion for Bitcoin Purchases

Strategy, the largest public corporate holder of Bitcoin in the world, led by Michael Saylor, is seeking to raise up to $21 billion in fresh capital for the purpose of acquiring more BTC. On March 10, Strategy officially announced a new sales agreement that will enable the firm to issue and sell shares of its 8% Series A perpetual strike preferred stock to raise funds for various corporate needs, including potential Bitcoin purchases. Under the agreement, known as the "ATM Program," Strategy plans to conduct sales in a methodical manner over an extended period, considering the trading price and volumes of the perpetual strike preferred stock at the time of sale. The firm stated in a filing with the SEC that the net proceeds from the ATM Program will be used for general corporate purposes, including the acquisition of Bitcoin and for working capital. Strategy currently holds 499,096 BTC valued at $41.2 billion, which it acquired for $33.1 billion at an average price of $66,423 per BTC. The company had previously revealed intentions to issue and sell shares of its class A common stock to raise $21 billion in equity and $21 billion in fixed-income securities over the next three years as part of its "21/21 plan" to increase its Bitcoin holdings. This is a developing story, and more details will be provided as they become available. Magazine: Kain Warwick from Infinex predicts that the crypto industry has 4 years to grow to a size where it cannot be easily shut down.