MicroStrategy's $21 Billion Equity Offering with WilmerHale
Deal News | May 08, 2025 | Wilmer Cutler Pickering Hale and Dorr LLP
MicroStrategy, known as the world's first and largest Bitcoin treasury entity, has launched an ambitious equity offering program expected to raise up to $21 billion. The offering, managed by WilmerHale, allows the company to issue and sell its class A common stock periodically based on market conditions. This financial strategy will be handled by designated sales agents, following an agreement dated May 1, 2025. The move represents a significant step in the company's capital raising efforts in the cryptocurrency domain.
Sectors
- Cryptocurrency
- Financial Services
- Legal Services
Geography
- United States – MicroStrategy and WilmerHale are both based in the United States, making it the primary geographical focus of the article.
Industry
- Cryptocurrency – MicroStrategy is recognized for its substantial Bitcoin treasury holdings, making cryptocurrency a core aspect of its business model.
- Financial Services – The equity offering program involves significant financial transactions and capital raising activities.
- Legal Services – WilmerHale's involvement as legal advisor highlights the importance of legal advisory in structuring financial offerings.
Financials
- $21 billion – The aggregate offering price of the class A common stock under the equity offering program.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| MicroStrategy Incorporated | Target Company | Company | MicroStrategy is the world's largest Bitcoin treasury company, issuing class A common stock through a new equity offering program. |
| Wilmer Cutler Pickering Hale and Dorr LLP | Legal Advisor | Company | WilmerHale is a law firm advising MicroStrategy on their $21 billion at-the-market equity offering. |