MicroStrategy has continued its buying spree of Bitcoin, purchasing another 1,020 BTC for $101 million this week. This brings its total holdings to 447,470 BTC, solidifying its position as the largest publicly traded Bitcoin holder. The company plans to raise up to $2 billion through a preferred stock offering to further bolster its Bitcoin reserves.
The latest bitcoin purchase was funded through share sales under the company's at-the-market program.
MicroStrategy announced it would be raising up to $2 billion via a preferred stock offering to acquire more bitcoin.MicroStrategy has increased its bitcoin holdings for the ninth consecutive week. MicroStrategy holds more bitcoin than any other publicly traded company. In the week ending Jan. 5, MicroStrategy purchased a further 1,020 BTC for $101 million, bringing its total bitcoin holdings to 447,470 BTC.The share price recovered on Friday with a 13% gain after an almost 50% drop from the Nov. 21 high of $543, while the stock is trading around $353 — 2% higher — in pre-market trading..
Preferred stock takes precedence over Class A common stock. In the filing, some features include convertibility to Class A common stock, payment of cash dividends and provisions allowing for the redemption of shares. The perpetual preferred stock and price offering terms have yet to be determined, while the offering is expected to occur in Q1 2025. The purpose of the offering is for MicroStrategy to acquire more bitcoin.
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