Serial cryptocurrency acquirer Strategy (NASDAQ: $MSTR) has announced a new plan to raise $42 billion U.S. to help fund future Bitcoin (CRYPTO: $BTC) purchases.
Strategy, led by chairman Michael Saylor, plans to raise the money through the issuance of its Class A common stock and issuance of its perpetual preferred stock called Stretch (STRC).
The two stocks sales will each aim to raise $21 billion U.S. for the company.
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Strategy has also expanded its sales syndicate, adding Moelis & Company, A.G.P./Alliance Global Partners, and StoneX Financial, bringing the total number of agents to 19.
Those firms will act as intermediaries, selling shares into the market and allowing Strategy to raise capital gradually rather than through large, one-time stock offerings.
As of March 22, Strategy still had $6.24 billion U.S. of MSTR common stock remaining on its current at the market equity raise program.
The company is raising more money to continue it aggressive Bitcoin buying program.
In the past week, Strategy purchased another 1,031 BTC, bringing its total holdings to 762,099 Bitcoins worth $54.1 billion U.S.
Strategy has continued buying Bitcoin as its price has slumped over the past six months despite criticisms about its continued stock sales and dilution of existing shareholders.
Bitcoin has risen 4% in the past day to trade right around $71,000 U.S. currently.
MSTR stock is down 59% over the past 12 months and trading at $138.20 U.S. per share.