On November 30, 2023, MicroStrategy Incorporated (“MicroStrategy”) entered into a Sales Agreement (the “Sales Agreement”) with Cowen and
Company, LLC (“Cowen”), Canaccord Genuity LLC (“Canaccord”) and BTIG, LLC, as sales agents (the “Agents”), pursuant to which MicroStrategy
may issue and sell shares of its class A common stock, $0.001 par value per share (“Common Stock”), having an aggregate offering price of up to
$750.0 million (the “Shares”), from time to time through the Agents (the “Offering”).

On November 30, 2023, MicroStrategy announced that, during the period between November 1, 2023 and November 29, 2023, MicroStrategy, together
with its subsidiaries, acquired approximately 16,130 bitcoins for approximately $593.3 million in cash, at an average price of approximately $36,785 per
bitcoin,

Rough Math looks like they are issuing well over a million shares. $750,000,000 / 500 (stock price) = 1,500,000 Shares

https://ycharts.com/companies/MSTR/shares_outstanding 14.52M currently outsanding