MicroStrategy to raise $1 billion for Bitcoin acquisition
This American business intelligence company is going hard on cryptocurrency acquisition.
Founded in 1989 by Michael J. Saylor, Sanju Bansal, and Thomas Spahr, MicroStrategy Incorporated is an American company that provides business intelligence, mobile software, and cloud-based services to organizations in order to aid the development of software that carry out internal and external data for building mobile apps.
The company had filed an S-3 for the U.S Securities and Exchange Commission which stated that the company would be kickstarting a securities offering that would enable it to sell its Class A Common stock to the tune of $1 billion.
MicroStrategy also stated that the net profit realized from the sale of its Class A Common stock will be used to purchase flagship cryptocurrency, Bitcoin. The company however didn’t disclose how many units of Bitcoin they are looking to purchase.
One of the Co-founders of MicroStrategy, Micheal Saylor, warned that investors should tread with caution because the company could be subject to scrutiny by regulatory bodies due to its Bitcoin acquisition.
MicroStrategy is said to have raised over $900 million so far with its shares surging by 16%.