MicroStrategy may have bought 1,420 BTC after record stock sale, CoinDesk reports

MicroStrategy (MSTR), the largest corporate holder of Bitcoin, is believed to have purchased approximately 1,420 BTC on March 9 with funds raised from selling its perpetual preferred stock (STRC), CoinDesk reported. According to the report, the sale of STRC on March 9 was the largest on record, and the proceeds were likely used to acquire more Bitcoin. Intraday trading volume for STRC reached about $300 million, significantly exceeding its 30-day average of $124 million. The move follows an amendment to MicroStrategy's Omnibus Sales Agreement, disclosed in an 8-K filing a day earlier. The filing, which U.S. listed companies use to promptly inform investors of significant events, now allows multiple sales agents to sell the same type of security simultaneously within a single day during pre-market or after-hours trading. CoinDesk noted that this change was likely implemented to more easily facilitate the sale of STRC to fund BTC purchases.