MicroStrategy has filed an application to sell shares for up to $500 million. The proceeds can be used to purchase bitcoin in addition to the September 9, 2022 prospectus.

According to the document, MicroStrategy has signed an agreement with investment bank Cowen and Company and BTIG to act as financial intermediaries. We’re talking about selling Class A common stock at $0.001 per share.

“Unless otherwise stated in the relevant prospectus, we intend to use the net proceeds from the offer for corporate purposes, including the purchase of Bitcoin. “We have not determined the amount of net proceeds used for any purpose,” the statement said.

The company noted that the initial cryptocurrency’s purchase volume will depend on the “market situation.”

At the time of writing, Bitcoin is trading around $21,450. According to CoinGecko, the asset is up 8% in the past week.

MicroStrategy shares reacted positively to the news. As a result of the trading session on September 9, the company’s securities rose almost 12%.

Recall that in August 2022, MicroStrategy founder Michael Saylor stepped down from the position of CEO of the company to focus on “innovation and long-term corporate strategy”, which means more buying and holding of bitcoin.

That same month, the District of Columbia (US) filed suit against MicroStrategy and Saylor. The prosecution accuses them of fraud for tax evasion.

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