MicroStrategy is looking to take advantage of the market downturn to increase its Bitcoin holdings, which amounted to more than 129.600 BTC by the end of July.
The American business intelligence company has revealed a new agreement to put up for sale shares worth $500 million. The funds, according to a presentation submitted to the US Securities and Exchange Commission (SEC), will be used to fund the acquisition of more Bitcoin.
MicroStrategy announced that it will sell Class A shares at a par value of $0,001 per share.
The move follows the change announced by the company in early August, in which it was reported that Bitcoin maximalist Michael Saylor would no longer be the CEO of MicroStrategy, but would instead serve as the company's executive chairman for Separate the investment in Bitcoin from its core enterprise software business and focus exclusively on crypto strategy. Saylor served as CEO of MicroStrategy for more than 30 years.
It may interest you: Michael Saylor steps down as CEO, MicroStrategy announces changes: What does this mean for Bitcoin?
MicroStrategy maintains its Bitcoin investment strategy
The American company entered the cryptocurrency market in 2020, adopting Bitcoin, the world's leading cryptocurrency, as its primary store of value asset. In this way, the American company has been shifting reserves and cash surpluses from its corporate treasury into Bitcoin.
The company currently holds a total of 129.699 BTC, valued at around $2.700 billion USD, based on the current Bitcoin market price, which is $21.300 USD per unit at the time of writing.
While volatility has worked against cryptocurrency investors, Saylor says that is where BTC's vitality lies.
MicroStrategy has become the largest corporate investor in Bitcoin, making it the largest public company to invest in the cryptocurrency.
Enterprise Applications for Lightning Network
In addition to cementing Bitcoin as a primary store of value, MicroStrategy has also been focusing on developing applications and use cases for BTC. Recently, the company reported that it is developing a Enterprise Application for Lightning Network, a Bitcoin-based layer 2 blockchain designed to increase the scalability and performance of the mainnet.
The new enterprise application being developed by the company seeks to improve institutional adoption of the main cryptocurrency on the market.
MicroStrategy also offers other alternatives to encourage the use and adoption of Bitcoin. For example, the company reported in April that it would integrate BTC into its retirement plans of its employees through an alliance with Fidelity Investments.
Continue reading: MicroStrategy is developing enterprise applications for the Lightning Network
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