The stock is listed on the Nasdaq Global Select Market

Davis Polk advised the sales agents in connection with an SEC-registered at-the-market offering by MicroStrategy Incorporated of its shares of Class A common stock for up to an aggregate amount of $2 billion. The Class A common stock is listed on the Nasdaq Global Select Market under the symbol “MSTR.”

MicroStrategy considers itself the world’s first bitcoin development company. The company is a publicly traded operating company committed to the continued development of the bitcoin network through its activities in the financial markets, advocacy and technology innovation. As an operating business, the company is able to use cash flows as well as proceeds from equity and debt financings to accumulate bitcoin, which serves as its primary treasury reserve asset. The company also develops and provides industry-leading AI-powered enterprise analytics software that promotes its vision of “Intelligence Everywhere,” and it is using its software development capabilities to develop bitcoin applications. The company intends to use the net proceeds from the offering for general corporate purposes, including the acquisition of bitcoin and working capital, and, subject to market conditions, for the repurchase or repayment of certain of its indebtedness.

The Davis Polk corporate team included partners Joseph A. Hall and Dan Gibbons, counsel Michael Stromquist and associate Yuchen Xie. The tax team included partner Patrick E. Sigmon and associates Ted Lee and Caleb E. Smith. The intellectual property team included partner David R. Bauer and associate Lachlan J. Forrester. All members of the Davis Polk team are based in the New York office.

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