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Bitcoin Whale Michael Saylor Might Buy a Lot More BTC

MicroStrategy plans to sell up to $750 million of stock, possibly to acquire BTC. The price of bitcoin rose following the announcement.

By Nick Baker
AccessTimeIconAug 1, 2023 at 11:18 p.m. UTC
Updated Aug 2, 2023 at 3:14 p.m. UTC
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MicroStrategy, the software developer that’s amassed a giant bitcoin (BTC) stash in recent years, may raise up to $750 million by selling more stock and plans to use the proceeds to buy more bitcoin, among other things.

The announcement was made in a U.S. Securities and Exchange Commission filing late Tuesday. Bitcoin’s price rose noticeably in the aftermath, approaching $29,800 from around $29,200.

(CoinDesk)
(CoinDesk)

Chairman Michael Saylor has gotten MicroStrategy heavily involved with bitcoin, buying billions of dollars worth since the pandemic. And he’s raised money to do so the old-fashioned way: selling more of the publicly traded company’s equity and bonds. This adds to that strategy.

Read more: Michael Saylor Lost Big in the Dot-Com Bubble and Bitcoin’s Crash. Now He Aims to Rebound Again

The company owned 152,800 bitcoin as of July 31, which are now worth about $4.5 billion.

“We intend to use the net proceeds from this offering for general corporate purposes, including the acquisition of bitcoin and working capital, and, subject to market conditions,” already issued bonds, according to MicroStrategy’s Tuesday filing.

UPDATE (Aug. 2, 2023, 00:21 UTC): Updates BTC's price.


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The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Nick Baker
Nick Baker

Nick Baker is CoinDesk’s deputy editor-in-chief. He owns less than $1,000 combined of BTC and ETH.

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