MicroStrategy Plans $2 Billion Capital Raise for Bitcoin Purchases

MicroStrategy Inc. intends to sell $2 billion in preferred stock to buy more bitcoin, part of a plan to raise $21 billion of equity and fixed-income instruments over the next three years.

The sale of the preferred stock, if it happens, is set for the first quarter and would rank higher than its Class A common stock. It could also include convertibility and the right to dividends. In recent weeks, the company has been using cash from selling stocks to buy bitcoin, acquiring about 447,470 bitcoins for an acquired cost of about $27.97 billion.