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MicroStrategy's '21/21 Plan' Led by Michael Saylor to Raise $42 Billion for Bitcoin Purchases

Oct 30, 2024, 08:17 PM

MicroStrategy has announced an ambitious plan to raise $42 billion over the next three years to expand its Bitcoin holdings. The plan, dubbed the '21/21 Plan,' involves raising $21 billion through equity offerings and $21 billion through fixed-income securities. This strategy, led by Executive Chairman Michael Saylor, aims to bolster the company's already substantial Bitcoin reserves, which currently stand at approximately 252,220 bitcoins valued at around $16 billion. The announcement comes alongside the company's Q3 2024 financial results, which showed a revenue of $116.07 million and an earnings per share (EPS) of -$1.56, both missing analysts' expectations. MicroStrategy's shares fell 7.5% in after-hours trading following the news. The plan is part of the company's broader Bitcoin treasury strategy.