Following bitcoin’s (BTC) recent peak and a strategic move to cement further its position as the leading corporate BTC holder, American intelligence company MicroStrategy has announced the approval of a share increase aimed at raising capital for more crypto acquisitions.
MicroStrategy Plans to Buy More BTC
The enterprise software firm noted that it will raise its authorized Class A shares from 330 million to 10.3 billion as Chairman and co-founder Michael Saylor seeks to expand the company’s Bitcoin reserves. The proposal was approved in a vote during a stakeholder’s meeting.
MicroStrategy’s stakeholders also approved a 30-fold increase in the number of authorized Class A common shares to fund the company’s BTC acquisitions.
The decision to boost share numbers underscores MicroStrategy’s ongoing confidence in the crypto asset’s long-term potential as a store of value and a hedge against inflation. Despite the crypto market’s inherent volatility, the company has remained dedicated to its BTC strategy.
The move comes as bitcoin’s price has shown signs of stabilization and recovery following a turbulent market period. Before its recovery, it hovered around $90,000-$96,000. The crypto’s comeback in recent weeks has prompted many institutional investors to consider increasing their BTC exposure, and MicroStrategy is positioning itself to capitalize on any potential market growth.
Big Firm Adding More BTC
The latest approval comes after the business intelligence firm splashed a whopping $1.1 billion on BTC, one of the largest purchases in its history.
Since the BTC giant started buying and investing in the world’s leading crypto, several firms have followed in its footsteps. Energy management firm KULR Technology Group recently announced it has added 79.39 BTC, valued at $8 million, to its Bitcoin Treasury.
According to the company, the digital asset was acquired at an average price of $101,659 per coin, including fees and expenses. Following the recent buy, the company now holds 510 BTC, worth approximately $50 million.
Saylor Wants The U.S. to Buy BTC
In line with the commitment to bitcoin, on December 9, 2024, Saylor urged the United States government to sell off its gold and purchase BTC. At the time, the U.S. held approximately $500 billion in its reserve.
He further defended the crypto asset by explaining that it is not a Ponzi scheme but rather an economy and the best strategy for strengthening the U.S. economy and solving its debts.
