MicroStrategy’s (NASDAQ: $MSTR) appetite for %Bitcoin (CRYPTO: $BTC) shows now signs of being satiated anytime soon.
The software firm turned self-described “Bitcoin development company” has announced plans to raise $42 billion U.S. of capital so that it can purchase more BTC over the next three years.
%MicroStrategy Executive Chairman Michael Saylor remains fully committed to accumulating as much of the world’s largest cryptocurrency as possible.
Saylor has unveiled what he calls MicroStrategy’s “21/21 Plan,” which calls for $21 billion U.S. of equity raises and $21 billion U.S. of debt offerings over the next three years so that the company can accumulate more Bitcoin.
“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 the company when releasing its third-quarter financial results.
MicroStrategy is already the world’s biggest corporate holder of Bitcoin.
The company currently owns 252,220 Bitcoins that it acquired at a total cost of $9.9 billion U.S, or an average price of $39,266 U.S. per digital token.
At the current price of $72,000 U.S., MicroStrategy’s Bitcoin holdings are worth around $18 billion U.S. The company most recently purchased 7,420 Bitcoins for $458.2 million U.S. in September of this year.
MicroStrategy’s stock is trading lower today (Oct. 31) after the company reported a third-quarter loss of $1.56 U.S. a share, which was much worse than a $0.02 U.S. per share loss expected on Wall Street.
However, MicroStrategy’s stock is up 260% year-to-date and had most recently been trading at $247.31 U.S. per share.