MicroStrategy enters $750M ATM equity offering; acquires 16,130 BTC for $593M

Strategy Inc

New $750M at-the-market equity offering agreement with Cowen, Canaccord, BTIG; agents' commission up to 2.0% of gross proceeds.
Terminated prior $750M ATM (Berenberg); sold 1,189,588 shares for ~$590.9M net proceeds before termination.
Acquired 16,130 BTC for ~$593.3M cash at avg $36,785/BTC during Nov 1-29, 2023.
Total bitcoin holdings as of Nov 29, 2023: 174,530 BTC at avg cost $30,252 per BTC ($5.28B aggregate).

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Strategy Inc entered into Sales Agreement with Cowen and Company, LLC, Canaccord Genuity LLC and BTIG, LLC valued at up to $750.0 million (effective 2023-11-30).

Action: entry
Agreement: atm program
Counterparty: Cowen and Company, LLC, Canaccord Genuity LLC and BTIG, LLC
Value: up to $750.0 million
Effective: 2023-11-30

Exact text from the filing

On November 30, 2023, MicroStrategy Incorporated (“MicroStrategy”) entered into a Sales Agreement (the “Sales Agreement”) with Cowen and Company, LLC (“Cowen”), Canaccord Genuity LLC (“Canaccord”) and BTIG, LLC, as sales agents (the “Agents”), pursuant to which MicroStrategy may issue and sell shares of its class A common stock, $0.001 par value per share (“Common Stock”), having an aggregate offering price of up to $750.0 million (the “Shares”), from time to time through the Agents (the “Offering”).

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38 material agreements filed in the last 30 days. Browse all material agreements →

Strategy Inc filing history →

Source: SEC EDGAR

accession 0001193125-23-285756

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