MicroStategy (MSTR), a publicly listed software business, is already the single biggest corporate holder of Bitcoin, with over 129,000 BTC in its coffers. Now, only one month after its flamboyant CEO Michael Saylor resigned and one week after the Washington D.C. Attorney General sued the firm and Saylor for potential tax evasion, the corporation wants to purchase more.

MicroStrategy said in a prospectus filed with the SEC on Friday that it has reached an agreement with investment bank Cowen & Co. to sell up to $500 million in shares of its Class A common stock.

In the filing, the business said, “We may utilize the net proceeds from this offering to buy further Bitcoin.” According to CoinMarketCap statistics, the business warned of Bitcoin’s volatility and huge price fluctuations, which saw the biggest cryptocurrency by market cap trade below $20,000 earlier this week, down from an all-time high of $68,789 in November 2021.

“Future variations in Bitcoin trading prices may result in us converting Bitcoin bought with the net proceeds of this offering into cash with a value much less than the net proceeds of this offering,” the business added.

Under Saylor’s leadership, the business software firm has amassed a substantial Bitcoin treasury of 129,699 BTC, which is now valued more than $2.7 billion and which the company intends to maintain for the long term.

Last month, MicroStrategy declared a $917.8 million non-cash digital impairment charge in the second quarter of 2022. That same month, Saylor stepped down as CEO, becoming executive chairman.

MicroStategy said in the prospectus that it has no intentions to trade or enter into derivative contracts with its Bitcoin ownership, but that it may sell Bitcoin when required to generate cash for “treasury management and other general business reasons.”

“We have not set a precise number of Bitcoin holdings,” the company said. “We will continue to watch market circumstances in order to determine if we should arrange debt or equity financings to buy more Bitcoin.”

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