MicroStrategy Surges as Bitcoin Holdings Soar with New Cash Pool
MicroStrategy's stock price surged by 3.89% on Thursday after announcing a transformative strategic partnership and expansion plan.
The company, known for its large Bitcoin holdings, has been trading like a leveraged Bitcoin tracker with a software company attached.
MicroStrategy holds approximately 845,050 Bitcoins, roughly 4% of the total supply, and added another 4,603 BTC for $369.7M at an average price of $80,318.
The company also launched a $1.59B USD Cash pool, funded partly by net proceeds from selling 18.26M Class A shares, to finance more Bitcoin purchases, pay preferred dividends, and service debt interest.