MicroStrategy Inc. bought $1.1 billion of Bitcoin, as the company gears up for a shareholder vote on a 30 times increase its authorized Class A shares.

MicroStrategy shareholders approved an increase in Class A common shares. Authorized preferred stock shares will also rise. The proposals passed with 56% approval, bolstered by

Rumble Inc. (RUM), a video-sharing platform, revealed that it had purchased its first Bitcoin (BTC) just ahead of Donald Trump’s inauguration event on Jan. 20, noting that “it won’t be the last” Bitcoin purchase for the company.

MicroStrategy Inc. shareholders voted for a 30 times increase to the number of authorized Class A common shares to help finance the company’s Bitcoin buying.

MicroStrategy—which almost exclusively focuses on securitizing Bitcoin—last year announced a “21/21 Plan” to raise $46 billion to buy even more Bitcoin. The plan would see the firm raise $21 billion via equity, with another $21 billion coming by selling fixed income securities.

The shareholders behind MicroStrategy have voted to dramatically increase the number of shares in a bid to raise funds for additional Bitcoin (BTC).

MicroStrategy, led by Michael Saylor, has announced its latest Bitcoin purchase, marking its third acquisition of the year.

In the week ending Jan 19, the company purchased 11,000 BTC for $1.1 billion, taking its total holdings to 461,000 BTC. This latest bitcoin average purchase price was $101,191, increasing MicroStrategy's overall average purchase price to $63,610.

Shareholders of MicroStrategy (MSTR) gave the company the go-ahead to boost its number of authorized class A common shares by 30-fold to finance purchases of bitcoin.

MicroStrategy shareholders approves major increase in the company’s authorized shares, expanding from 330M to 10.3B for BTC acquisitions.

MicroStrategy stock was down in premarket trading Tuesday after President Trump failed to mention his plans for bitcoin in his inaugural address. Despite talks of a strategic bitcoin reserve on the campaign trail,