MicroStrategy, the IT company known for its aggressive Bitcoin acquisition strategy, announced today that its shareholders have approved two amendments aimed at increasing the company's authorized shares.
The move aims to strengthen MicroStrategy's ability to execute its Bitcoin treasury reserve strategy.
The company previously announced its ambitious “21/21 plan” in October, outlining a goal to raise $21 billion in equity and $21 billion in fixed-income securities. These funds were earmarked for Bitcoin purchases as part of the company’s long-term strategy. As of Jan. 20, MicroStrategy reported that it had approximately $5.42 billion worth of stock available for sale, with a goal of purchasing $42 billion worth of BTC.
Today, shareholders voted in favor of increasing the number of authorized Class A common stock and preferred stock, paving the way for additional fundraising efforts.
Today, MicroStrategy made its latest Bitcoin purchase, purchasing 11,000 BTC for $1.1 billion at an average price of $101,191 per Bitcoin. The company currently holds 461,000 BTC, worth over $48 billion at current market prices.
However, the company's shares fell 1.91% today.
*This is not investment advice.
