Strategy Says It Will Pursue More Bitcoin Purchases, Can Raise Up to $30 Billion

Strategy, the world's largest corporate holder of Bitcoin, said it plans to make additional purchases of the cryptocurrency.

Cointelegraph reported on October 30 that Michael Saylor, Strategy's executive chairman, said on the company's third-quarter earnings call that it has the capacity to raise as much as $30 billion through preferred stock offerings and other means, even without issuing additional common shares or depending on a rise in Bitcoin's price.

Chief Executive Officer Phong Le said funding raised through preferred stock issuance will become the company's main tool for buying Bitcoin. If Strategy raises $1 billion to $2 billion a month through STRC, its preferred stock, it could keep part of the proceeds in dollar reserves and use the rest to buy Bitcoin.

Strategy posted net income of about $19.53 billion in the third quarter this year. Gains of about $20.91 billion from the revaluation of digital assets including Bitcoin drove the results. As of October 25, the company held 848,517 Bitcoin, up 26% from the start of the year.