MicroStrategy, a software company investing heavily in Bitcoin, is holding a shareholder meeting on December 24 to vote on two proposals to enhance its $42 billion investment.
Microstrategy has added another 5,262 BTC to its growing collection. This brings the company’s total Bitcoin holdings to 444,262 BTC, worth about $42.2 billion at current market prices.
The company acquired these new Bitcoins at an average of $106,622. This is the 7th successive week that MicroStrategy has been purchasing Bitcoins. The purchase is funded by selling some of its stock through its “at-the-market” program. The program still has $7.08 billion left for more purchases.
In a related development, MicroStrategy’s stock has just entered the elite Nasdaq 100 index. Such a move did not seem to have an impact on its stock price, which stayed roughly at $364.2 per share before markets opened.
On the same day, MicroStrategy also revealed that it would host a special shareholder meeting on December 24. During this meeting, shareholders will vote on some important proposals. These include increasing the shares that the company can issue in the future to help raise funds for more Bitcoin purchases.
The company intends to grow further its Bitcoin reserves through $21 billion in equity financing and $21 billion in bond issuances over the next few years, part of its “21/21 plan.”
This plan suggests that MicroStrategy is serious about using Bitcoin as a core part of its business strategy and has the intent of achieving even bigger returns from its crypto investments. The proposals discussed in the shareholder meeting are to be supported by this strategy, and the company must continue expanding its Bitcoin holdings.
Also Read: MicroStrategy Stock Surges over 400% with Bold Bitcoin Strategy
