Microstrategy (MSTR) Sold $94.2M in Stock to Buy $94.2M in Bitcoin

With the disclosure it bought another $94.2 million in bitcoin, Microstrategy, Inc. (NASDAQ: MSTR) also said it sold $94.2 million in stock.

From the filing:

As previously disclosed, on June 14, 2021, the Company entered into an Open Market Sale AgreementSM (the “Sale Agreement”) with Jefferies LLC, as agent (“Jefferies”), pursuant to which the Company may issue and sell shares of its class A common stock, par value $0.001 per share (“Shares”), having an aggregate offering price of up to $1.0 billion from time to time through Jefferies. On December 30, 2021, the Company also announced that, during the period between December 9, 2021 and December 29, 2021, the Company had issued and sold an aggregate of 167,759 Shares under the Sale Agreement, at an average gross price per Share of approximately $565.78, for aggregate net proceeds to the Company (less sales commissions and expenses) of approximately $94.2 million. The cumulative aggregate offering price of the Shares sold under the Sale Agreement as of the close of business on December 29, 2021 was approximately $1.0 billion, inclusive of fees and expenses, constituting the maximum program amount under the Sale Agreement.

During the period between December 9, 2021 and December 29, 2021, the Company purchased approximately 1,914 bitcoins for approximately $94.2 million in cash, at an average price of approximately $49,229 per bitcoin, inclusive of fees and expenses

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