"Bitcoin whale" MicroStrategy (MSTR.US) approved for stock increase to continue to surge on the "buying coins" road.

Foreign media quoted the minutes of the shareholders' meeting as reporting that MicroStrategy shareholders have approved the company to increase its authorized Class A common stock by 30 times to help fund the purchase of Bitcoin. According to the records, shareholders approved increasing the authorized Class A common stock from 330 million shares to 10.3 billion shares, and the authorized preferred stock from 5 million shares to 1 billion shares. Both amendments were approved with 56% of the votes. MicroStrategy Chairman Michael Saylor owns approximately 47% of the voting rights of the company. The goal of company chairman and co-founder Michael Saylor is to increase the company's Bitcoin holdings. Due to the large purchase of Bitcoin, the company is now referred to as a "Bitcoin proxy," with approximately $49 billion worth of Bitcoin on its balance sheet at the recent price of $108,000 per Bitcoin. This increase in stock holdings will potentially make MicroStrategy's outstanding shares exceed those of the top five components of the Nasdaq 100 index, including NVIDIA Corporation, Apple Inc., Alphabet, and Amazon.com, Inc. Prior to the shareholder vote on Tuesday, the "Bitcoin financial company" announced a purchase of $1.1 billion in Bitcoin. MicroStrategy has been buying Bitcoin for 11 consecutive weeks and currently holds over $47 billion worth of Bitcoin, representing over 2% of all Bitcoin currently in existence. The company plans to raise $42 billion in funds by 2027 to continue holding Bitcoin. Since Donald Trump was elected president, expectations of regulatory oversight on cryptocurrency entering mainstream investment has led to a 35% surge in the value of the largest cryptocurrency, Bitcoin.