MicroStrategy Raises $765.4 Million and Acquires 7,390 BTC
MicroStrategy raised $765.4 million through two at-the-market share offerings, selling 1.71 million MSTR shares and 621,555 STRK preferred shares. The funds were primarily allocated for purchasing bitcoin.
The company acquired 7,390 BTC for about $764.9 million, averaging $103,498 per coin. This increases total holdings to 576,230 BTC, with an average purchase cost of $69,726, totaling $40.18 billion in bitcoin investments.
A class action lawsuit was filed against MicroStrategy and its executives on May 16, alleging the company misled investors regarding the profitability and risks of its bitcoin strategy, especially concerning new accounting standards (ASU 2023-08).
MicroStrategy continues to provide updates on operations, including bitcoin transactions and stock activities, via its dashboard at www.strategy.com.