Bitcoin dropped around 3% in New York on Thursday, trading near $95,420. The dip continued even though MicroStrategy Inc. revealed plans to issue more shares

MicroStrategy Chairman and controlling shareholder Michael Saylor has grand ambitions and is one of the world’s biggest champions of Bitcoin. Now the company is asking shareholders for approval to boost the authorized amount of the company’s class A common shares outstanding to 10.

Bitcoin rose on Thursday after the digital asset’s stockpiler MicroStrategy announced a plan to issue more shares, a move that would allow it to buy even more tokens.

MicroStrategy (NASDAQ:MSTR) wants to kick its Bitcoin (CRYPTO:BTC) buying strategy into hyperdrive, but is doing so at the expense of existing shareholders. It just bought its latest tranche of the cryptocurrency,

Bitcoin's (BTC-USD) holiday momentum came to an abrupt halt just a day after its Christmas rally, even as bitcoin accumulator MicroStrategy (NASDAQ:MSTR) disclosed plans to issue additional shares to buy even more tokens.

Bitcoin declined even with cryptocurrency stockpiler MicroStrategy Inc. planing to issue more shares, a move that would allow it to buy even more tokens. The digital asset was down around 3% at $95,420 as of 7:12 a.

Bitcoin rose as MicroStrategy announced it plans to sell more of its shares to amass new funds and spend more on digital currency. According to a recent Bloomberg report, the world’s largest cryptocurrency was up 0.