MicroStrategy buys US$1.1 billion in Bitcoin as shareholders approve major share expansion

MicroStrategy has announced a purchase of 11,000 Bitcoin worth US$1.1 billion following shareholder approval to increase its authorized share count.

The latest purchase, funded through share sales, brings MicroStrategy’s total holdings to 461,000 Bitcoin, valued at approximately US$48.8 billion at current prices. 

This marks the company’s 11th consecutive week of Bitcoin acquisitions.

On Tuesday, shareholders voted in favor of increasing the company’s Class A shares from 330 million to 10.3 billion.

The dramatic share expansion supports MicroStrategy’s plan to raise US$42 billion for Bitcoin purchases over the next three years.

Company founder and chairman Michael Saylor initiated MicroStrategy’s Bitcoin strategy in 2020 with a US$250 million investment. 

The strategy appears to be paying off for shareholders. MicroStrategy’s stock has surged over 3,000% since then, and the company recently joined the ranks of Apple and Microsoft in the Nasdaq-100 index of top non-financial companies.

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