The application for the sale of shares in the amount of up to $500 million was submitted by MicroStrategy. The team plans to use the funds received to buy bitcoin, which follows from additions to the prospectus dated September 9, 2022.
MicroStrategy has signed an agreement with investment bank Cowen and Company and BTIG to act as financial intermediaries. We are talking about the sale of ordinary shares of class A at a price of $0.001 per share.
“We intend to use the net proceeds from the offering for corporate purposes, including the purchase of Bitcoin, unless otherwise stated in the relevant prospectus supplement. We have not determined the amount of net proceeds that will be used for any specific purpose,” the statement said.
In addition, the company noted that the amount of BTC purchased will depend on the “market situation”.
Now bitcoin is trading near $21,636. Over the past week, the asset has risen in price by 8%, according to CoinGecko.
The price of MicroStrategy shares reacted to this news. As a result of the trading session on September 9, the company’s securities have risen in price almost 12%.