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Michael Saylor's MicroStrategy Plans to Raise $42B to Buy More Bitcoin Over Next 3 Years
The company reported its third quarter earnings results after the close of trading on Wednesday afternoon.
Updated Oct 31, 2024, 7:14 p.m. Published Oct 30, 2024, 8:13 p.m.
Self-described Bitcoin development company MicroStrategy (MSTR) didn't add to its bitcoin holdings since mid-September, but the firm announced an audacious plan to raise $42 billion of capital over the next three years in order to purchase more of the world's largest crypto.
Led by Executive Chairman Michael Saylor, the company's so-called "21/21 Plan" calls for $21 billion of equity raises and $21 billion of debt offerings over the next three years.
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Read more: Michael Saylor Conjures Stock Market Magic With Giant Plan to Buy More Bitcoin
"As a Bitcoin Treasury Company, we plan to use the additional capital to buy more bitcoin as a treasury reserve asset in a manner that will allow us to achieve higher BTC Yield,” said Phong Le, president and CEO in the third quarter earnings press release.
MicroStrategy's most recent previous disclosure was in mid-September when it announced the purchase of 7,420 bitcoins for $458.2 million. That brought its holdings to that point to 252,220 bitcoins acquired for a total of $9.9 billion, or an average price of $39,266 each. At the current price of about $72,000 the company's bitcoin is worth more than $18 billion.
As of the end of the quarter, the company had $891.3 million of dry powder remaining from a previous capital raise.
MicroStrategy also revised higher the target range of its "BTC Yield" to 6%-10% from the previous 4%-8%. Created by the Saylor and team, the BTC Yield is considered by MSTR to be a key performance indicator (KPI), describing how well the company does in acquiring bitcoin in an accretive manner to shareholders. The BTC Yield for Q3 was 17.8%.
Shares are lower by 10% in after hours trade, but remain roughly 250% higher year-to-date.
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