Bloomberg: Bitcoin rises driven by MicroStrategy's plan to issue more shares

2024-12-26 12:01:08

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ChainCatcher news, according to Bloomberg, on Thursday, the price of Bitcoin rose after digital asset "hoarder" MicroStrategy announced plans to split and issue more shares, a move that will enable it to purchase more Bitcoin.

"MicroStrategy announced that it will issue more shares next year to buy more Bitcoin, which pushed the price up," said Sean McNulty, trading director at liquidity provider Arbelos Markets. "The market is very optimistic about MicroStrategy's Bitcoin purchases, which is one of the biggest reasons driving the market up. Keeping an eye on MicroStrategy news has become an important part of my daily work."

According to a filing submitted to the U.S. Securities and Exchange Commission (SEC) on December 23, MicroStrategy is seeking approval to increase the number of authorized Class A common shares and preferred shares. This move will provide the company with greater financial support as it has transformed from a software manufacturer into a Bitcoin accumulator.

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