MicroStrategy Inc,, probably best known as the largest corporate buyer of Bitcoin, filed with the US Securities and Exchange Commission to sell as much as $500 million in stock. Proceeds may be used to buy more of the cryptocurrency.
The Class A shares will be sold through Cowen & Co. and BTIG LLC, according to a filing Friday by the enterprise software company. No specific date was provided for any potential sales. The firm added that it intends to retain all future earnings, if any, to purchase additional Bitcoin and for the development of the software business.
MicroStrategy co-founder Michael Saylor gave up his chief executive officer title in August to increase his advocacy efforts for holding Bitcoin. That was the same day the Tysons Corner, Virginia-based company reported a loss of more than $1 billion related to the second-quarter plunge in the price of the cryptocurrency. Saylor, who co-founded the company in 1989, continues to serve as executive chairman.