MicroStrategy shareholders approve expanding shares to fund $42B Bitcoin goal
The proposal was supported by 56% of shareholders
MicroStrategy shareholders voted to significantly increase the number of authorized shares in an effort to raise funds for additional Bitcoin (BTC) acquisitions.
According to Bloomberg, MicroStrategy, renowned for its extensive BTC investments, proposed raising the number of authorized Class A common shares from 330 million to 10.3 billion and preferred shares from 5 million to 1 billion.
The proposal received approval from approximately 56% of MicroStrategy shareholders.
The 21/21 Strategy
The expanded share authorization is expected to enable Michael Saylor’s firm to raise up to $42 billion by 2027 to bolster its already massive Bitcoin treasury.
Just last week, MicroStrategy added 2,530 BTC to its reserves, bringing the total to 450,000 BTC.
Ahead of Tuesday's shareholder vote, the so-called Bitcoin treasury company announced the purchase of $1.1 billion worth of tokens.
MicroStrategy has consistently acquired Bitcoin for 11 weeks and now holds over $47 billion worth of BTC—more than 2% of all tokens that will ever exist.
In 2024, MicroStrategy purchased 258,320 BTC, spending $22.07 billion in total. Each Bitcoin cost the software company an average of $85,450, according to the company's founder, Michael Saylor, in a post on the social media platform X.
