Michael Saylor plans to raise $21 billion through stock sale to buy more Bitcoin.

From Investing.com

October 31, 2024 2:30:27 pm:

On the 16th anniversary of the release of the Bitcoin whitepaper by Satoshi Nakamoto, Michael Saylor of MicroStrategy thanked Satoshi with a message on X account. MicroStrategy plans to raise $21 billion through the sale of Class A common stock, with $42 billion to be raised over three years. Half of the funds will be used to buy more Bitcoin.

The news of the $42 billion fundraising broke during MicroStrategy’s earnings report. The company currently holds 252,200 BTC, worth nearly $10 billion, and plans to double its investment with the new offering. However, fluctuations in BTC price could lead to converting purchased cryptocurrency into cash at a lower value than the initial proceeds.

Read more at Investing.com: Michael Saylor Reveals Epic $21 Billion Move By U.Today