đ MSTR Stock Jumps As Strategy Plans To Raise $2.1B To Buy More Bitcoin đš
The MSTR stock price has rebounded at the start of todayâs trading session, having closed in the red yesterday.
This comes amid Strategyâs announcement of a proposed $2.1 billion capital raise for more Bitcoin acquisitions.
Meanwhile, the BTC price rally to new all-time highs (ATHs) is also bullish for the stockâs price, given the strong positive correlation between both assets.
The latest purchase came last week as Michael Saylorâs company acquired 7,390 BTC for $764.9 million at an average price of $103,498 per Bitcoin.
The company now holds 576,230 BTC, which it acquired for $40.18 billion at an average price of $69,726 per BTC. The MSTR stock rallied back above $400 following that purchase.
The latest Strategy (MSTR) stock price rally comes following the companyâs announcement of another capital raise to buy more BTC.
In a press release, the company announced that it has entered into a sales agreement under which it may issue and sell shares of its 10.00% Series A Perpetual Strife Preferred Stock at $0.0001 par value per share. This amounts to an aggregate offering price of up to $2.1 billion.
Strategy stated that it will make these stock sales in a disciplined manner over an extended period, taking into account the stockâs trading price and trading volumes at the time of sale.
The company then revealed that it intends to use the net proceeds from the At-The-Market (ATM) program for âgeneral corporate purposes, including the acquisition of bitcoin, and for working capital.â
