Nasdaq-listed business intelligence firm MicroStrategy, known as the largest corporate buyer of Bitcoin, has filed with the U.S. Securities and Exchange Commission (SEC) to sell as much as $500 million in stock to fund additional BTC purchases.
The company’s Class A shares will be sold through Cowen and BTIG, two of the most prominent investment banks covering crypto-related stocks. No specific date for the sales was provided, however, the company noted it intends to retain all future earnings to purchase more crypto and to develop its software business.
The timing of the move is notable as it’s the first time Michael Saylor, MicroStrategy’s co-founder and a vocal BTC proponent, has made it clear that he isn’t backing off his plan to turn MicroStrategy into a crypto proxy.
MicroStrategy holds 129,698 BTC, worth nearly $3 billion at the time of writing.