Cryptocurrencies
MicroStrategy May Soon Rival Amazon, Alphabet in Common Shares
- Share authorization plan expected by analysts to win approval
- Bitcoin purchases are being funded in part by share sales
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MicroStrategy Inc.’s Michael Saylor may soon have almost as many common shares at his disposal to help fund the company’s Bitcoin buying spree as market behemoths Amazon.com Inc. and Alphabet Inc. have outstanding.
Analysts expect MicroStrategy will easily win a company-sponsored proposal to increase the number of authorized Class A common shares to 10.3 billion from 330 million when shareholders vote on Jan. 21. Saylor, co-founder and chairman of the dot-com-era software maker turned leveraged Bitcoin proxy, controls about 47% of the voting power.