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MicroStrategy Goes All In on Bitcoin: Announces New Buying Plans

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Bitcoin believer Michael Saylor, who runs the business intelligence company MicroStrategy, makes another bullish move on Bitcoin.

MicroStrategy just announced a new plan to raise a massive half a billion.

They’ll do this by selling their company’s (MSTR) shares to investors.

Notably, this money won’t be going towards their usual business, though it’s all fuelled by one thing: Bitcoin.

MicroStrategy Doubles Down on Bitcoin with $500 Million Debt Offering

Bitcoin bull Michael Saylor, CEO of MicroStrategy, gears up for another bold move in its Bitcoin strategy.

Today, the company announced a staggering $500 million debt offering by selling convertible senior notes.

Consequently, investors anticipate a significant BTC purchase with this hefty sum.

Moreover, the press release explicitly disclosed the company’s intention to use the proceeds to acquire additional Bitcoin.

Saylor’s announcement signals MicroStrategy’s unwavering commitment to its Bitcoin investment.

The offering, comprising $500 million in convertible senior notes due 2032, targets institutional buyers.

Additionally, investors will have the option to purchase these notes within two weeks of issuance.

Furthermore, semi-annual interest payments are scheduled for June 15 and December 15.

Also, the company added that it would determine the interest rate, initial conversion rate, and other conditions regarding the notes during the time of pricing of the offering.

MicroStrategy reserves the right to redeem some or all senior notes for cash.

The company emphasized using the raised funds for Bitcoin acquisition and general corporate purposes.

Meanwhile, the firm’s press release stated that the information doesn’t constitute an offer to sell the notes.

The Company Holds a Significant 1% Stake in All Mined Bitcoin

Back in August 2020, MicroStrategy bought its first batch of Bitcoin.

They spent $250 million to purchase 21,454 bitcoins.

Now, after three and a half years, MicroStrategy has accumulated so much Bitcoin that it owns more than 1% of all BTC tokens ever mined.

Since its initial buy, MicroStrategy has been steadily purchasing more of the digital asset.

Between March 11 and March 18, the company bought an additional 9,245 tokens.

This purchase amounted to $623 million based on the SEC’s filing.

Notably, MicroStrategy’s total holdings stand at 214,246 BTC tokens.

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