coindesk.com
Self-described Bitcoin development company MicroStrategy (MSTR) didn't add to its bitcoin (BTC) holdings since mid-September, but the firm announced an audacious plan to raise $42 billion of capital over the next three years in order to purchase more of the world's largest crypto.
Led by Executive Chairman Michael Saylor, the company's so-called "21/21 Plan" calls for $21 billion of equity raises and $21 billion of debt offerings over the next three years.
"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,” said Phong Le, president and CEO in the third quarter press release.
MicroStrategy's most recent previous disclosure was in mid-September when it announced the purchase of 7,420 bitcoins (BTC) for $458.2 million. That brought its holdings to that point to 252,220 bitcoins acquired for a total of $9.9 billion, or an average price of $39,266 each. At the current price of about $72,000 the company's bitcoin is worth more than $18 billion.
As of the end of the quarter, the company had $891.3 million of dry powder remaining from a previous capital raise.
Shares are lower by 10% in after hours trade, but remain 250% higher year-to-date.