On January 7th, MicroStrategy Inc. purchased $101 million worth of Bitcoin after announcing plans to use perpetual preferred stock, common stock, and debt to purchase more cryptocurrencies. This enterprise software company, headquartered in Tyson Point, Virginia, has been purchasing Bitcoin for nine consecutive weeks, and its co-founder and chairman Michael Saylor hopes to advance its strategy of holding Bitcoin. The company holds approximately $44.3 billion in Bitcoin. According to documents from the US Securities and Exchange Commission, MicroStrategy purchased 1070 bitcoins on December 30th and 31st at an average price of approximately $94000. The company announced on Friday that it plans to raise up to $2 billion in the first quarter by issuing one or more perpetual preferred shares. The preferred stock issuance is part of a plan to raise $42 billion in capital through public stock issuances and convertible bond issuances until 2027.
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