On December 26, according to Bloomberg, the price of bitcoin rose on Thursday after digital asset "hoarder" MicroStrategy announced plans to spin off and issue more shares, a move that will allow it to buy more bitcoin.
"MicroStrategy's announcement that it will issue more shares to buy more bitcoin next year has pushed up the price," said Sean McNulty, head of trading at liquidity provider Arbelos Markets. "The anticipation of MicroStrategy buying bitcoin is one of the biggest reasons for the rally. Keeping up with MicroStrategy news has become an important part of my day job."
MicroStrategy is seeking approval to increase the number of authorized Class A common shares and preference shares, according to a Dec. 23 filing with the Securities Exchange Commission (SEC). The move will provide greater financial support for the company, which has transitioned from a software maker to a bitcoin accumulator.
MicroStrategy is seeking approval to increase the number of authorized Class A common shares and preference shares, according to a Dec. 23 filing with the Securities Exchange Commission (SEC). The move will provide greater financial support for the company, which has transitioned from a software maker to a bitcoin accumulator.
Bloomberg: Bitcoin Rises Driven by MicroStrategy Plans to Issue Shares
2024-12-26 04:04:24
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