MicroStrategy has hired banks to help it raise $42 billion, raising $2.1 billion in Q3 through equity and debt sales

Odaily News MicroStrategy Inc. has hired banks to help it raise $42 billion through the sale of new shares and fixed income to buy more bitcoin. The company hired a handful of banks to sell shares through an at-the-market offering, which could net it $21 billion, and to arrange for the possible sale of fixed-income securities that could bring in the same amount. The company has raised billions of dollars over the past year to add to its bitcoin reserves by selling convertible senior notes and shares that its bankers can sell to the market. While such a plan could allow MicroStrategy to sell up to $21 billion worth of shares without filing additional documents, there is no guarantee the company will do so, or even if it would raise all the money at once. MicroStrategy raised $2.1 billion in the third quarter through the sale of equity and debt, and $800 million in the three months ended June 30, the company said in a statement Wednesday. Sean McNulty, trading director at liquidity provider Arbelos Markets, said: "We think $42 billion is an ambitious goal, but not out of reach. Ultimately, if the price of Bitcoin goes up, it will be good for them." The $21 billion market value plan exceeds the company's recent issuance. The at-the-market plan allows the company's investment bank to create shares and sell them at market prices and add the proceeds to its balance sheet. (Bloomberg) Earlier today, it was reported that MicroStrategy proposed the "21/21 Plan", which plans to conduct $21 billion in equity financing and $21 billion in bond issuance over the next three years, using additional capital to purchase more BTC as a financial reserve asset in order to achieve higher BTC returns.