Michael Saylor is the leader of MicroStrategy’s Bitcoin (BTC), bull business intelligence company. announced The sale of convertible senior bonds raised $1,01 billion on Friday. It was part of a larger strategy to buy more BTC while redeeming high-yielding assets.
MicroStrategy Investments An Additional $458 Milliard Dollars In BTC
MicroStrategy used $458 million of the raised funds to buy additional Bitcoins between September 13-19, further strengthening its position as cryptocurrency’s biggest publicly listed corporate holder. By September 19, the company had purchased $458 million worth of additional bitcoin. reported Approximately 252,220 Bitcoins, worth approximately $15.8 billion.
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MicroStrategy’s convertible notes have an interest rate 0.625%, and they will be due in 2028. It is the fourth year in a row that MicroStrategy has used the convertible note The market will finance Bitcoin purchases.
MicroStrategy redeems $500 million in higher-interest 6,125% notes that are due 2028. This reflects a strategic move to reduce borrowing costs and expand its crypto portfolio.
Co-founder and Chairman Michael Saylor MicroStrategy, since its first foray into Bitcoins in 2020, has played an important role in shaping the brand as an investment vehicle in cryptocurrency.
The firm, under his leadership has evolved from being a software company to a crypto hedge fund de facto, showing a commitment boldly made towards digital assets despite market volatility.
MicroStrategy stock also saw significant gains in this past year. It has more than doubled and outperformed Bitcoin by approximately 50% over the same time period. MicroStrategy has made a number of acquisitions in the past year. earlier purchase Last week, 18,300 Bitcoins were valued at approximately $1.11 billion.
Bitcoin Price Analysis
In response to what is considered a bullish stimulus, the cryptocurrency market as a whole has responded positively. announcement On Wednesday, the Fed announced a rate reduction of 0.50 basis points.
The decision made by the Bitcoin team contributed to a recovery in the last week, after the price of Bitcoin dropped to $52,640 as recently as September 6, 2018. Bitcoin is now back above the critical $63,000 threshold, and has been able to hold this level over the last day.
Market analyst Ali Martinez points out This price coincides with Bitcoin’s 200-day moving average on the BTC/USDT chart. Martinez believes that this is a crucial threshold for the bull run expected in the second half of the year.
In past years, failure to keep this support level has caused significant price corrections. These were observed in 2019, 2020, and 2014. Martinez warns against a price decline if this level is rejected.
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In order to mitigate the danger of a steep decline, it is important that you take certain steps. support floors The price of the car has been estimated at $61,700. This is the minimum threshold that will prevent any further drops in prices.
Additionally, the Fed decision could boost investor confidence, which may lead to a significant increase in the price of Bitcoin.
Breaking and consolidating above $63,000 may set up a challenge. next The resistance level is expected to reach $64,000 over the next few days.
Chart from TradingView.com, image from DALLE
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Source: www.newsbtc.com