On Thursday, Bitcoin rose as MicroStrategy announced it plans to sell more of its shares to amass new funds and spend more on digital currency.
According to a recent Bloomberg report, the world’s largest cryptocurrency was up 0.32% to $98,747 at 11:30 in Singapore, with an initial intraday peak of $99,876.70.
Like Dogecoin, Ether and other popular coins such as Solana saw an increase of 0.2 percent after a dive on Wednesday.
Anticipation of MicroStrategy’s next round of Bitcoin purchases is increasing the price
The company’s move may further fuel crypto sentiment if it indicates the firm’s continuing push to accumulate Bitcoin. Trading director Sean McNulty at Arbelos Markets said this newfound optimism is largely a product of the anticipation of the company’s next round of Bitcoin purchases.
“The market is being forward-looking about MicroStrategy’s Bitcoin buys, and that’s been the single biggest reason for the market to go up. Watching MicroStrategy news is becoming a big part of my day,” he said.
December 23rd filing with the U.S. Securities and Exchange Commission revealed that MicroStrategy seeks to increase the number of authorized shares of Class A common stock and preferred stock.
Once the company gets approval, it will be granted the freedom to issue more shares, allowing it to raise funds and use them to strengthen its already very large Bitcoin holdings.
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