Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

'Thank You, Satoshi': Michael Saylor Reveals Epic $21 Billion Move

Published 10/31/2024, 10:06 AM
Updated 10/31/2024, 02:30 PM
\'Thank You, Satoshi\': Michael Saylor Reveals Epic $21 Billion Move
MSTR
-
BTC/USD
-

U.Today - Today, on the 16th anniversary of the release of the Bitcoin Whitepaper by the mysterious Satoshi Nakamoto, Michael Saylor, CEO of MicroStrategy and prominent Bitcoin advocate, went public with a "Thank you, Satoshi" message on his X account.

This is not the end of the story, as his farewell caption was accompanied by a screenshot of MicroStrategy's stock prospectus supplement, which implies raising $21 billion in capital through the sale of Class A common stock.

The news that the software producer is looking to raise $42 billion over the next three years broke yesterday in the midst of MicroStrategy's earnings report.

Specifically, half, or $21 billion, will be raised through the sale of MSTR stock. There is symbolism here, a sort of homage to Satoshi and Bitcoin, as the initial total supply of the major cryptocurrency is exactly 21 million BTC. This is also what Saylor seemed to be referring to in his message to Satoshi today.

The company plans to use the funds raised by this offering to buy more Bitcoin.

More details

Interestingly, the prospectus notes that fluctuations in the future price of BTC could result in the company having to convert the cryptocurrency purchased with the funds into cash at a value significantly lower than the initial offering proceeds.

MicroStrategy has currently invested nearly $10 billion to acquire 252,200 BTC. With the new offering, the software maker could double its previous investment, bringing the total to $30 billion once the deal is closed.

This article was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.