MicroStrategyMichael Saylor CEO announced the company will raise $500 million The private issue of convertible senior note will be conducted. Proceeds will be used to fund further purchases and continue the corporate Bitcoin accumulation plan.
BREAKING: 🇺🇸 MICROSTRATEGY TO RAISE $500 MILLION IN STOCK SALE TO BUY MORE #BITCOIN pic.twitter.com/ALsb7znGEZ
— Bitcoin Magazine (@BitcoinMagazine) June 13, 2024
MicroStrategy has already become the largest Bitcoin-holding public company, holding over 214,400 BTC worth $15 billion Its balance sheet. Under Saylor’s leadership, the company adopted Bitcoin in 2020 as its main reserve asset.
The average price of Bitcoin per unit remains at around $35,000 Bitcoin’s current price of $68,000 is still a significant positive for the company.
The sale of convertible senior notes was the latest way to raise $500 million. These notes are due to mature in 2032 and will be paid interest bi-annually.
As per the announcementMicroStrategy could use the money for corporate general purposes. However, Bitcoin acquisition is still the company’s top priority. Initial purchasers will be given the option to purchase an extra $75 million in notes.
MicroStrategy is a Wall Street proxy of Bitcoin due to its Bitcoin obsession. Investors bet on the price of Bitcoin, and their stock rises or falls in tandem with it.
MicroStrategy’s latest capital infusion signals its belief that Bitcoin is likely to continue increasing over time. Saylor It is prepared to increase its investment by purchasing more coins as long as prices are still low.
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Source: bitcoinmagazine.com