8.5 C
October 3, 2022
Image default

Microstrategy plans to raise another USD 600 million for the purchase of Bitcoin

MicroStrategy announced in press release on February 16, it intends to conduct a private offer of convertible debt worth USD 600 million. The offer will be dedicated to qualified institutional investors. The company said the bonds could be converted into cash or ordinary Class A shares. Most importantly, MicroStrategy intends to use the proceeds from their sale to buy more Bitcoins.

MicroStrategy’s investment paid off

Bitcoin is gaining more and more traction thanks to the continuous investments of large traditional institutions. Recently, more and more companies are starting to accept cryptocurrencies and looking for ways not to miss the boom. But MicroStrategy is always one step ahead, and for good reason. It is one of the first companies to understand that BTC can be a store of value and a reliable investment.

This is the second time this public company has tried to raise funds to increase its crypto wallet. Last December, a company led by Saylor launched a $ 400 million convertible bond offer. In the end, it managed to sell convertible debt worth $ 650 million.

From 2020, the company began to invest heavily in the world’s largest digital currency, cleverly buying up almost every lows. In February, the company acquired 295 bitcoins worth approximately $ 10 million. Currently, Microstrategy is one of the largest Bitcoin holders in the world. Its portfolio includes over 71,079 BTC, worth over $ 3.4 billion.

Bitcoin above $ 51,000

Now that other companies such as Tesla and Square have made a similar move as Microstrategy, the oldest cryptocurrency has experienced a spike. Aggregate investments by MicroStrategy and other companies pushed BTC to hit ATH above $ 51,000. Thanks to these large companies and institutional investors, cryptocurrencies also gained much more credibility in the eyes of ordinary bread eaters.

Microstrategy is not the only company interested in cryptocurrencies. Recently, Apple Pay introduced BTC as a payment option for its users. For this purpose, the application has integrated the top payment platform – BitPay.

Related posts

Ethereum transaction fees reach ATH |

Aparnna Hajirnis

Libra changes its name to Diem |

Aparnna Hajirnis

We know the most popular password used on the Internet Blocksats

Aparnna Hajirnis

Leave a Comment