According to filings with the U.S. Securities and Exchange Commission (SEC) on Friday. Business software developer MicroStrategy (MSTR) has entered into sales agreements with Cowen and Company, LLC and BTIG, LLC for a planned sale of up to $500 million in stock to fund more cryptocurrency purchases.
The stock offering will be used for general corporate purposes, including the acquisition of bitcoin, the filings show.
As previously reported, MicroStrategy founder Michael Saylor recently stepped down as CEO to become executive chairman and focus on his bitcoin strategy.
Since 2020, MicroStrategy has purchased about 130,000 bitcoins using funds raised from stock and bond offerings.