MicroStrategy calls shareholders meeting to fund more Bitcoin purchases
MicroStrategy is convening a special shareholder meeting to seek approval for a significant increase in its equity-issuance plan aimed at purchasing more Bitcoin. A proxy filing with the SEC reveals that the company intends to raise the authorized Class A common stock from 330 million to 10.33 billion shares and the authorized preferred stock from 5 million to over 1 billion shares. This move supports MicroStrategy's 21/21 Plan, which aims to raise $21 billion through equity sales and a similar amount via fixed-income securities over the next three years. The company has been actively acquiring Bitcoin since 2020, purchasing 42,162 BTC in December alone, valued at over $4 billion. As of late December, MicroStrategy holds approximately 444,262 BTC, worth around $43.53 billion, acquired for an average price of $62,257 per BTC. The company's stock has surged over 422% year-to-date, primarily attributable to its Bitcoin strategy. The date for the special shareholders meeting has not yet been announced, while the next earnings report is slated for February 2, 2025.
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