In a move that continues to fortify Michael Saylor’s commitment to the leading crypto, Michael Saylor’s MicroStrategy has announced a new $42 billion capital plan to buy more Bitcoin. The software technology firm announced its Q3 earnings report Thursday, also revealing its latest efforts to boost its Bitcoin holdings. Currently, MicroStrategy already holds 252,220 BTC.
According to MicroStrategy’s press release today, the company wants to continue its successful endeavors in Bitcoin, especially as the asset grows. “Our focus remains to increase value generated to our shareholders by leveraging the digital transformation of capital,” said Phong Le, President and Chief Executive Officer, MicroStrategy said today.
“We are announcing a strategic goal of raising $42 billion of capital over the next 3 years, comprised of $21 billion of equity and $21 billion of fixed income securities, which we refer to as our “21/21 Plan.” As a Bitcoin Treasury Company, we plan to use the additional capital to buy more bitcoin as a treasury reserve asset in a manner that will allow us to achieve higher BTC Yield.”
MicroStrategy Continues World-Leading Bitcoin Investments
2024 has proven to be massive for Bitcoin. Despite the asset’s notable decline just a year ago, it has returned to form and taken on the finance sector with a vengeance. It became the first crypto-based ETF in the US back in January, before surging to a $73,000 all-time high just three months later. Now, the asset has established a new all-time high and is looking to surge further next month.
Recently, MicroStrategy (MSTR) saw its stock hit a new high corresponding to Bitcoin’s recent surge. The stock surged nearly 9% Tuesday to reach a high of $260. That is the culmination of a tremendous growth year for the company. Throughout 2024, the stock has climbed a remarkable 470%, outpacing even BTC. MicroStrategy is already the largest corporate holder of Bitcoin and the world’s first Bitcoin Treasury Company.
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Andrew Kang, Chief Financial Officer, MicroStrategy, also announced the company’s increase in holdings of BTC over the past fiscal quarter. “Through our treasury strategy, we increased our bitcoin holdings by 11% in the quarter, increased our year-to-date BTC Yield to 17.8%, and reduced our total annualized interest expense by $24 million.”