News

MicroStrategy boosts reign as biggest corporate Bitcoin holder

MicroStrategy boosts reign as biggest corporate Bitcoin holder
Business
MicroStrategy (MSTR) is looking to solidify its reign as the biggest corporate holder of Bitcoin, with plans to sell up to $1 billion (U.S.) in stock to scoop up more of the digital currency.

MicroStrategy filed a “shelf” registration with the Securities and Exchange Commission to sell as much as $1 billion in common stock for general purposes, including the purchase of more Bitcoin, the company said Monday.

As part of that effort, the business software company said earlier Monday it completed the sale of $500 million in bonds.

The move comes as Bitcoin continues on a recovery path that has seen it surge more than 13 per cent since Sunday, topping the $40,000 mark for the first time in more than two weeks. The cryptocurrency topped $64,000 in mid-April.

MicroStrategy and CEO Michael Saylor have been big proponents of Bitcoin, making Bitcoin acquisition a second mandate for the 32-year-old company after its main business of developing software.

MicroStrategy currently holds the lead in terms of public companies that have the digital tokens on its balance sheet. As of mid-May, MicroStrategy owned 92,079 Bitcoin that it has purchased for the average price of $24,450.

Tesla (TSLA) holds the second-largest quantity of Bitcoin of any public company with 43,200, followed by Square (SQ) with 8,027.

While MicroStrategy is the largest Bitcoin holder of public companies, it is dwarfed by other private ones, like Grayscale and Block.one.

The Grayscale Bitcoin Trust owns 654,885 Bitcoin to back up the shares of its trust. Block.one, a private blockchain company that was behind the creation of the EOS.IO protocol, owns approximately 140,000 Bitcoin.
Read more on Toronto Star
News Topics :
RELATED STORIES :
Business
Shares of the Tysons Corner, Va., analytics software and services provider were off 1 per cent to $479.66 in trading Monday. MicroStrategy said in a statement that it “intends to...
Business
Bitcoin prices continued their rebound Monday, rising about 4 to nearly $59, 000. But the world s largest cryptocurrency has been overshadowed lately by its younger sibling, Ethereum. Ethereum, or ether...
Business
Cryptocurrency exchange Coinbase Global is set to go public April 14 at a valuation of a whopping $65 billion, as the company takes advantage of surging demand and prices for...
Business
Bitcoin blew through another milestone, surging past $50, 000 all figures U.S. for the first time as the blistering rally in the largest cryptocurrency continues to captivate investors worldwide. The world’s...
Business
SAN FRANCISCO—Pinterest set a price range for its initial public offering Monday that will value the company below its last private market peg of $12 billion. In an updated prospectus, the...