Bitcoin declined even with cryptocurrency stockpiler MicroStrategy Inc. planing to issue more shares, a move that would allow it to buy even more tokens.
The digital asset was down around 3% at $95,420 as of 7:12 a.m. in New York on Thursday. A broader gauge of cryptocurrencies comprising smaller tokens including Ether, Solana and meme-coin favorite Dogecoin was down around 3%.
MicroStrategy Inc. is seeking permission to increase the number of authorized shares of Class A common stock and preferred stock, according to a Dec. 23 filing with the U.S. Securities and Exchange Commission. Such a move would provide the company, which has transformed itself from a software maker into a Bitcoin accumulator, more firepower.
MicroStrategy announced earlier this week it had purchased an additional $561 million of the digital token at an average price near last week’s record high. That marked the seventh week in a row of purchases.
Bitcoin has risen 135% so far this year, exceeding returns from traditional investments such as global stocks and gold.
