Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Bitcoin News & Updates => Topic started by: Rakin343 on September 13, 2022, 04:28:20 AM
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MicroStrategy appears to be holding the line on its bitcoin acquisition strategy, with one analyst saying the company’s repeat buys are one way to attract crypto investors to the stock despite “tepid” growth in its software business.
The Virginia-based business intelligence company said in a filing Friday it would sell up to $500 million in new shares, stating that it intends to use the net proceeds “for general corporate purposes, including the acquisition of bitcoin.”
MicroStrategy did not return a request for comment.
Madeline Hume, a senior research analyst at Morningstar, told Blockworks that MicroStrategy’s use of a common equity listing to raise capital suggests the firm believes its shares are overvalued relative to bitcoin. source (https://cryptonews.net/12352589/?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared)