On the same day that Saylor's company, MicroStrategy, announced the sale of $500 million in bonds to increase its holdings of the leading cryptocurrency, the company also announced plans to sell up to $1 billion in stock to buy even more.
MicroStrategy's bitcoin stash is so large that it is now described in the company's filings with the U.S. Securities and Exchange Commission as a key component of the firm's strategy. As of last week, the company owned 92,079 bitcoin, which was worth approximately $3.68 billion at the time of writing.
MicroStrategy doesn't definitively say it will use the proceeds to purchase Bitcoin, that's been the firm's modus operandi since CEO Michael Saylor caught the BTC bug last year.
MicroStrategy does not explicitly state that the proceeds will be used to purchase Bitcoin; however, that has been the firm's strategy since CEO Michael Saylor succumbed to the BTC bug last year.
"Our bitcoin holdings are less liquid than our existing cash and cash equivalents and may not be able to serve as a source of liquidity for us to the same extent that cash and cash equivalents do," Michael Saylor says.