Adding more positions, MicroStrategy is raising $600 million to buy BTC
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Adding more positions, MicroStrategy is raising $600 million to buy BTC
MicroStrategy holds 193,000 BTC, worth approximately $13.2 billion.
Navigating Web3 tides with focused insightsSource: beincrypto
Compiled by: Blockchain Knight
As digital asset prices surge, Michael Saylor's institutional investment firm MicroStrategy has announced plans to increase its BTC holdings.
MicroStrategy aims to raise $600 million for this acquisition. The company currently holds 193,000 BTC, valued at approximately $13.2 billion.
In a recent statement, institutional investment firm MicroStrategy outlined its intention to fund additional BTC purchases through convertible senior notes.
The statement read: "MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional BTC and for general corporate purposes."
Convertible senior notes are debt securities that can later be converted into equity. The $600 million in notes will be sold to qualified institutional buyers and purchasers as defined under U.S. securities laws.
The statement added: "As an operating business, we are able to leverage cash flow, along with proceeds from equity and debt financing, to accumulate BTC, which is our primary treasury reserve asset."
The statement further announced that this would be MicroStrategy's unsecured senior debt, with interest payments made semi-annually beginning September 15, 2024.
Recently, MicroStrategy has maintained its consistent pattern of acquiring more BTC.
On February 7, MicroStrategy purchased another 850 BTC. Additionally, the company leveraged market volatility to secure an average purchase price below BTC's current value.
Since the end of the third quarter, MicroStrategy has acquired 31,755 BTC for $1.25 billion, averaging $39,411 per BTC.
This aligns with Saylor's consistent commitment to BTC across various market conditions, including both bullish and bearish trends.
In June 2023, Saylor boldly stated that BTC, then valued at around $25,900, would rise tenfold in its next phase.
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