Software firm MicroStrategy announces a special shareholder meeting to discuss acquiring more Bitcoin through increased company share sales.
MicroStrategy has gone ballistic with its Bitcoin cravings, with the Michael Saylor-chaired firm constantly thinking of means to buy more of the premier asset. In the latest development, shareholders of the business intelligence firm will meet today to discuss how to buy more Bitcoin.
According to the disclosure, MicroStrategy’s shareholders will discuss and vote on key proposals to enhance its 21/21 Bitcoin strategy. An integral part of the session would be a quest to increase the number of shares available for sale.
MicroStrategy to Deliberate on Shares Issuance
The software firm will vote on internal ways to raise more capital to procure Bitcoin through share sales. Subject to approval, it intends to increase the issuance of its common and preferred shares.
MicroStrategy proposes increasing the authorized class A shares from $300 million to $10.33 billion. It also intends to raise the authorized preferred share issuance from $5 million to $1.005 billion.
Meanwhile, this would facilitate capital attainment for more Bitcoin purchases. Notably, MicroStrategy raised $561 million last week by issuing over one million of its shares and bought 5,262 BTC with the realized funds.
Furthermore, the publicly traded pro-Bitcoin company will deliberate on aligning incentives for new directors with its Bitcoin strategy. MicroStrategy shareholders will vote on an amendment to the 2023 Equity Incentive Plan, which would automatically award equities to new board directors.
Notably, MicroStrategy’s Bitcoin playbook has gained traction, with public firms like Marathon Digital and Metaplanet adopting the strategy. Lawmakers in regions like Russia and the European Union are also considering storing their reserves in Bitcoin as the asset nears mainstream adoption.
MicroStrategy’s Stock Records Massive Gains
Meanwhile, MicroStrategy’s stock (MSTR) has been a major beneficiary of the firm’s incessant Bitcoin purchase. The software company’s Bitcoin sweep has ensured that MSTR has ridden on the cryptocurrency’s immaculate performances to record jaw-dropping gains this year.
Data shows that MSTR has recorded a 477% yearly uptick, outperforming most stocks in the United States. Notably, the stock surged to a new all-time high of $543 in November, spurred by growing exposure to Bitcoin, which recently hit six figures.
Notably, MSTR’s performance has led it to join an elite list of non-financial companies. The business intelligence firm entered the Nasdaq 100 index fund yesterday after its impressive price uptick this year.
At the time of writing, MSTR is trading at $332.23, having posted an 8% deficit in the past 24 hours.
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