The largest corporate purchaser of Bitcoin, MicroStrategy Inc., has registered with the US Securities and Exchange Commission to sell up to $500 million worth of stock. The money raised could be used to purchase more cryptocurrencies.
According to a filing made on Friday by the business software company, Cowen & Co. and BTIG LLC will be the sales agents for the Class A shares. Any possible sales were not given an exact date. The company also stated that it would save all potential future profits in order to buy more Bitcoin and expand its software division.
As a result of the financial market collapse that has been going on since the beginning of the year, Bitcoin and other cryptocurrencies have come under intense selling pressure. Since most cryptocurrencies peaked in early November 2021, the market slump in cryptocurrencies began even earlier.
Due to the crypto winter, MicroStrategy was forced to incur a $917.8 million non-cash digital impairment charge in the second quarter.
Regarding its Bitcoin wager, MicroStrategy noted that the cryptocurrency is still in its infancy and only makes up a tiny portion of global assets at the moment. According to the corporation, it has a long-term outlook for the top cryptocurrency.