In its most recent SEC filing, business intelligence software company MicroStrategy has revealed its intention to buy more Bitcoin, Bloomberg reported yesterday. With over 129,000 BTC in its possession, MicroStrategy is already the largest corporate shareholder of Bitcoin.

The prospectus, filed on Friday, stated that MicroStrategy has entered into an agreement to sell $500 million in shares of Class A common stock to investment bank Cowen & Co.

Despite the uncertainties and fluctuations in the Bitcoin market, the firm intends to continue to pursue its goal of acquiring more BTC:

“We intend to use the net proceeds from the sale of any class A common stock offered under this prospectus for general corporate purposes, including the acquisition of bitcoin, unless otherwise indicated in the applicable prospectus supplement.”

Although no date was given for the sale, the firm stated that future earnings will be used to purchase additional Bitcoins or develop the software business.

According to Bitcoin Treasuries data, MicroStrategy has seen its BTC reserve drop to $2.8 billion. This could be an incentive for the firm to purchase the dip.

Bitcoin traded below $20,000 last week, a steep decrease from its all-time high of $68,789 in November 2021. The firm stated that further wild fluctuations in Bitcoin’s price could affect its decision to hold future bitcoins.

“Future fluctuations in Bitcoin trading prices may result in our converting Bitcoin purchased with the net proceeds from this offering into cash with a value substantially below the net proceeds from this offering”

The company stated that it might sell Bitcoin to raise cash for “treasury and other general corporate purposes.” But, it does not intend to trade derivative contracts. It will continue to monitor the market conditions to decide its next steps.

In August MicroStrategy cofounder Michael Saylor resigned from his CEO position to concentrate on his advocacy efforts for Bitcoin holding.