Bitcoin whale MicroStrategy reveals plan to scoop up $500 million

MicroStrategy, a publicly traded software company, is currently the single largest corporate holder of Bitcoin. The firm has about 130,000 bitcoins in its portfolio, and a month after being promoted from CEO to executive chairman, MicroStrategy is ready to buy more bitcoins.

In a filing with the SEC on Friday, MicroStrategy disclosed an agreement with investment bank Cowen & Co to sell $500 million shares of its Class A common stock to raise funds to acquire more BTC. We may use the net proceeds from this offering to purchase additional bitcoins, the firm said, in the filing