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🇺🇲-MicroStrategy Calls Shareholder Meeting to Fund More Bitcoin Purchases

MicroStrategy has filed a proxy filing with the SEC seeking shareholder approval to boost its Bitcoin 21/21 Plan.

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Software company MicroStrategy has called a special shareholder meeting to expand its stock issuance plan and purchase more Bitcoin.

According to a Dec. 23 proxy filing with the U.S. Securities and Exchange Commission (SEC), the company is seeking permission to increase the number of authorized shares for both Class A common stock and preferred stock, giving it more flexibility to issue additional shares as needed.

The first amendment seeks to increase the authorized Class A common stock from 330 million shares to 10.33 billion shares, while the second amendment seeks to increase the authorized preferred stock from 5 million shares to over 1 billion shares.

Behind the proposals is MicroStrategy’s 21/21 Plan. Unveiled in October, the plan outlined the company’s goal of purchasing an additional $168,057,066,5442 billion worth of Bitcoin (BTC) over the next three years. It involves raising $168,057,066,5421 billion through equity sales and $168,057,066,5421 billion through fixed-income securities.

According to MicroStrategy’s filing:

“Proposals 1 and 2 for this Special Meeting call for an increase in the authorized shares of the Company’s capital stock to support the further implementation of our 21/21 Plan and future capital markets activities more generally, as well as other corporate purposes.”