Strategy, the world's largest public corporate Bitcoin holder, announced plans to raise up to $21 billion for new acquisitions.
Strategy's New Plans
On March 10, Strategy officially announced a new sales agreement that would allow the firm to issue and sell shares of its 8% Series A perpetual strike preferred stock to raise funds for general corporate purposes, including potential Bitcoin acquisitions.
Program Details
As part of the agreement, dubbed the 'ATM Program,' Strategy expects to make sales 'in a disciplined manner over an extended period,' considering the trading price and volumes of the perpetual strike preferred stock at the time of sale. Strategy stated in the filing with the Securities and Exchange Commission (SEC) that it intends to use the net proceeds from the ATM Program for general corporate purposes, including the acquisition of Bitcoin and for working capital.
Current Investments and Future Plans
As of the announcement, Strategy holds 499,096 BTC, valuing $41.2 billion, which it acquired for an aggregate amount of $33.1 billion at an average price of $66,423 per BTC. The company previously disclosed plans to issue and sell shares of its class A common stock to raise up to $21 billion in equity and $21 billion in fixed-income securities over the next three years under its '21/21 plan.'
These plans indicate the company's strategic intent to continue building its Bitcoin positions utilizing various financing tools.
