MicroStrategy (MSTR, Financial) shareholders have approved a significant increase in the company's authorized shares to fund further Bitcoin acquisitions. The number of authorized Class A common shares will rise from 330 million to 10.3 billion, while authorized preferred shares will increase from 5 million to 1 billion. These amendments passed with 56% approval.
Michael Saylor, the company's chairman and co-founder, who holds about 47% of the voting power, aims to expand MicroStrategy's Bitcoin holdings. Due to substantial Bitcoin purchases, the company is often referred to as a "Bitcoin proxy." With Bitcoin recently valued at $108,000, MicroStrategy's balance sheet boasts approximately $49 billion in Bitcoin assets.
The increase in authorized shares could potentially make MicroStrategy's outstanding shares surpass those of major Nasdaq 100 companies like Nvidia (NVDA), Apple (AAPL), Alphabet (GOOGL), and Amazon (AMZN). Prior to the shareholder vote, the company announced a $1.1 billion Bitcoin purchase, marking its 11th consecutive week of acquisitions. MicroStrategy currently holds over $47 billion in Bitcoin, accounting for more than 2% of all Bitcoin in circulation. The company plans to raise $42 billion by 2027 to continue its Bitcoin strategy.
