MicroStrategyThe company, led by CEO Michael Saylor, Raise $500 million The funds will be used to make additional purchases through a private offering of convertible senior notes to further advance the company’s bitcoin accumulation strategy.
Breaking News: 🇺🇸 MicroStrategy Raises $500 Million in Stock Sale, Plans for More Acquisitions #Bitcoin pic.twitter.com/ALsb7znGEZ
— Bitcoin Magazine (@BitcoinMagazine) June 13, 2024
MicroStrategy is already the largest publicly traded company holding Bitcoin. 214,400 BTC, worth $15 billion The company has added Bitcoin to its balance sheet and adopted it as its primary reserve asset since 2020 under Saylor’s leadership.
The average purchase price per bitcoin remains around $35,000, and with bitcoin trading at nearly $68,000, the company’s holdings are still reaping significant gains.
The latest $500 million financing was raised through the sale of convertible senior notes to qualified institutional investors. The notes will pay interest semi-annually and will mature in 2032 unless earlier converted or redeemed.
by announcementMicroStrategy may use the funds for general corporate purposes, but acquiring Bitcoin remains its priority. The company also plans to grant the initial buyers an option to purchase an additional $75 million worth of notes.
MicroStrategy’s obsession with buying bitcoin has made it a proxy for the cryptocurrency on Wall Street, with its stock often rising and falling alongside the cryptocurrency’s price movements as investors bet on a rise in the value of BTC.
With this latest capital injection, MicroStrategy is signaling its confidence that Bitcoin will continue to rise in the long term. Sailor Be prepared to acquire more coins and double down while the price is relatively low.
