MicroStrategy To Sell $750 Million In Stocks for Bitcoin Purchases
On Tuesday, August 1, MicroStrategy unveiled its second-quarter results announcing its holds 152,800 BTC as of July 31, 2023. In a filing with the U.S. Securities and Exchange Commission (SEC) on the same day, MicroStrategy announced that it has signed a sales agreement with three companies – Cowen and Company, Canaccord Genuity, and Berenberg Capital. The agreement is for the sale of its class A common stock. advertisement The company added that the proceeds of the MSTR stock sale would be used for a variety of general corporate purposes. This includes the acquisition of more Bitcoins as well as some working capital. During the second quarter, MicroStrategy added a total of 12,333 Bitcoins worth $364.1 million. This was the company’s second-largest BTC purchase in a single quarter since Q2 2021. During the Q2 earnings call, MicroStrategy Chief Financial Officer Andrew Kang said: “As with prior programs, we may use the proceeds for general corpo...