MicroStrategy Unveils $21 Billion Stock-Sale Plan to Buy Bitcoin — WSJ

By Vicky Ge HuangMicroStrategy said on Monday that it plans to raise up to $21 billion to turbocharge its bitcoin accumulation bet.MicroStrategy, which holds nearly 500,000 bitcoins worth $40 billion, intends to sell a type of special stock called "perpetual strike preferred stock." It will use the proceeds to purchase more of the largest cryptocurrency.Michael Saylor, executive chairman of MicroStrategy, was among the two dozen executives who attended the first-of-its-kind White House crypto summit on Friday.The perpetual strike preferred stock won't have an expiration date. The at-the-market offering will pay investors an 8% dividend and offer the shareholders the option to convert them into MicroStrategy's regular company stock.(The company recently said it is doing business as Strategy. However, public filings show the official name, as specified in the company's charter, remains MicroStrategy.)Bitcoin prices recently traded about $80,000, down about 4% from its level 24 hours ago, according to CoinDesk Data. Shares of MicroStrategy plunged 11% Monday morning.More on MicroStrategy's Massive Bitcoin Bet:Behind MicroStrategy's Bitcoin Bet: Investors Who Usually Play It SafeThe Man Making Billions From the Wildest Bitcoin BetThis item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).