The largest bitcoin holder plans to increase its cryptocurrency reserves by 20%

The US software company MicroStrategy, the largest institutional investor in bitcoin (BTC), has filed an application with the US Securities and Exchange Commission (SEC) to sell half a billion dollars worth of shares. These actions are focused on the fact that the company will use the proceeds from the sale of shares to buy more BTC.

MicroStrategy is the largest institutional investor in bitcoin with more than 129,000 BTC under its belt. Just a month after the company’s CEO Michael Saylor resigned and a week after the Washington Attorney General sued the company and Saylor for tax evasion, the company moved to buy more BTC.

On September 9, MicroStrategy filed a statement with the SEC announcing its desire to sell up to $ 500 million worth of shares. The filing read: «We may use the net proceeds from this sale to purchase bitcoins.»

According to Saylor, the former CEO of MicroStrategy, the company plans to hold bitcoins for the long term. The company has a significant investment in bitcoin in the amount of 129,699 BTC, which is currently more than $ 2.7 billion. Thus, the amount received from the sale will help increase MicroStrategy’s reserves by almost 20%.