By Colin Kellaher
MicroStrategy unveiled plans to raise another $21 billion for bitcoin purchases, even as it continues to hold off on buying more of the cryptocurrency.
MicroStrategy on Monday said it plans to sell up to $21 billion of its 8% Series A perpetual strike preferred stock in an at-the-market program, similar to a program to sell up to $21 billion in common stock that the Tysons Corner, Va., company launched in October.
The company, which recently changed its name to Strategy, said it didn't sell any shares under the common stock program or buy any bitcoin between March 3 and March 9, marking the second week in a row that the largest corporate holder of bitcoin didn't add to its holdings.
MicroStrategy said it currently holds about 499,096 bitcoins that it acquired for around $33.1 billion, or roughly $66,357 apiece.
The price of bitcoin fell to $81,513 early Monday, down more than 5% over the past 24 hours, on disappointment over President Trump's plans to establish a bitcoin strategic reserve will be capitalized using bitcoin obtained through criminal and civil forfeiture proceedings, rather than government buying.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
March 10, 2025 09:06 ET (13:06 GMT)
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