Just In: MicroStrategy Shareholders Approve Share Increase for $42B Bitcoin Strategy
The post Just In: MicroStrategy Shareholders Approve Share Increase for $42B Bitcoin Strategy appeared first on Coinpedia Fintech News
In an exciting development, the Microstrategy shareholders have approved an increase in the number of authorized shares, paving the way for the company to expand its Bitcoin holdings further. The shareholders have approved a plan to increase the companys share supply, raising the total number of MSTR shares from 330 million to 10.3 billion. This increase will help support the companys strategy of acquiring more Bitcoin as part of its long-term treasury plan.
Measure Passed With 56% Approval
On Tuesday, shareholders voted in favor of both increasing the number of authorized Class A common stock and preferred stock. The measure passed with 56% approval on Tuesday, allowing MicroStrategy to potentially surpass all but four of the largest Nasdaq 100 companiesNvidia, Apple, Alphabet, and Amazonin terms of shares outstanding. Besides, the company also increased its authorized preferred stock from 5 million to 1 billion shares.
Notably, Last October, MicroStrategy announced its 21/21 plan, aiming to raise $21 billion in equity and $21 billion in fixed-income securities to support its Bitcoin treasury strategy. As of January 20, about $5.42 billion in shares remain available for sale, part of the companys goal to raise $42 billion for Bitcoin acquisitions.
Microstrategy Now Owns Over $47B Worth BTC
Earlier today, MicroStrategy increased its bitcoin holdings for the eleventh consecutive week, purchasing 11,000 BTC for $1.1 billion. Its Total bitcoin holdings are now at 461,000 tokens and now owns over $47 billion worth of Bitcoin more than 2% of all the tokens that will ever exist.
Since the election of President Donald Trump, Saylor has increased Bitcoin purchases, anticipating a more favorable regulatory environment for crypto. However, despite Trump issuing several executive orders on his first day in office, none were related to crypto, leading to a drop in crypto-related stocks like MicroStrategy. MicroStrategy shares fell 7.25% on Tuesday but have risen 28% this year, while Bitcoin has gained 9.5%.
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