MicroStrategy Share Increase Approved to Fund Bitcoin Purchases

MicroStrategy Inc. shareholders voted for a 30 times increase to the number of authorized Class A common shares to help finance the company’s Bitcoin buying.

The enterprise software company turned leveraged Bitcoin proxy will increase its authorized Class A shares from 330 million to 10.3 billion as Chairman and co-founder Michael Saylor aims to increase the firm’s Bitcoin holdings. The vote was approved Tuesday, according to a recording of the shareholder meeting.

The share increase would give MicroStrategy the potential to have more shares outstanding than all but four of the five largest members of the Nasdaq 100 Index — ...