MicroStrategy Shareholders Approve Stock Amendments

On Monday, MicroStrategy shareholders approved two amendments to increase the number of authorized stock. This decision supports the company’s strategy to purchase more bitcoin.

Last October, MicroStrategy announced its plan, dubbed the “21/21 plan,” to raise $21 billion in equity and $21 billion in fixed-income securities to bolster its bitcoin treasury reserve. As of January 20, approximately $5.42 billion worth of shares remained available for sale, targeting a total of $42 billion for bitcoin acquisitions.

On Tuesday, shareholders approved increases for both Class A common stock and preferred stock.

Earlier that day, MicroStrategy disclosed the purchase of 11,000 BTC for about $1.1 billion, at an average price of $101,191 per bitcoin. Currently, the company holds 461,000 BTC, valued at over $48 billion.

At publication time, MicroStrategy’s stock (MSTR) was down 4.5%, while bitcoin’s price had decreased by about 3%.