MicroStrategy Is Buying More Bitcoin, With Shareholders Footing the Bill
MicroStrategy (NASDAQ: MSTR) is doubling down on its Bitcoin (CRYPTO: BTC) investment again. This time, the business intelligence company is asking shareholders to foot the bill.
MicroStrategy disclosed a stock offering on the public market in a pair of regulatory filings posted after last Friday's closing bell. The company wants to raise up to $500 million from this stock sale, which could take place in a single batch or a series of transactions over time. Realistically, MicroStrategy and its banking partners want to push through this process quickly, perhaps as soon as Monday, September 12. Future filings will tell that tale.
The resulting cash inflow of $500 million (minus a 2% fee to the bankers) is technically earmarked for "general corporate purposes," including but not limited to the purchase of more Bitcoins. However, you should know that MicroStrategy has recently been raising cash in many forms for the distinct purpose of buying Bitcoin. There is no reason to believe that this stock sale will serve any other purpose.
Source Fool.com
