Crypto shares rose on Tuesday. Canaan Inc. rose 10.5%; The9 rose 6.5%; MicroStrategy jumped over 5%; Riot Platforms gained about 5%; Bit Digital rallied over 4%; MARA Holdings rose 3%.

Bitcoin rose above $97,000 on Tuesday morning.

MicroStrategy Inc. announced a special shareholder meeting Monday to vote on proposals to support its ambitious $42 billion Bitcoin BTC/USD purchase plan.

In a 14A filing shared with the SEC, executive chairman Michael Saylor proposed increasing the company's authorized Class A shares from 330 million currently to 10.33 billion to facilitate future capital raising.

Additionally, he recommended increasing the number of authorized shares of preferred stock from 5 million to 1.005 billion.

Preferred stocks usually offer fixed dividends and rank higher than common stocks during asset liquidation.

Saylor said that the two proposals would "support further implementation" of the 21/21 plan — a capital-raising initiative that aims to raise $21 billion through equity financing and $21 billion through fixed-income securities to purchase Bitcoin.

The MicroStrategy founder added that if implemented, the proposals would give the company "flexibility" to raise capital in a manner that is most advantageous under the prevailing market conditions.