One of the most famous investors in the Bitcoin (BTC) market is Michael Saylor. He heads the American company MicroStrategy. She admitted that she wants to invest in cryptocurrencies in the long term. It plans to sell its $ 1 billion shares and use some of the proceeds to buy more Bitcoins.
MicroStrategy: We want to buy as much BTC as possible
We will continue to monitor market conditions to determine whether to carry out debt or equity financing to purchase additional Bitcoins
– the company in prospectus filed with the US Securities and Exchange Commission.
The company said it may, from time to time, sell shares with a total offering value of $ 1 billion in one or more offers.
MicroStrategy intends to use this type of net proceeds from sales for general corporate purposes, including the purchase of Bitcoins. The company says it has not specified the amount of net proceeds to be used for this specific purpose.
We view our Bitcoin holdings as long-term resources and have no plans to engage in regular Bitcoin trading and have not secured or otherwise entered into derivative contracts with respect to our Bitcoin holdings
– added the company.
Two scenarios where a company might sell some of its BTC were also discussed. The sale of BTC may take place in the future if the need arises “Generating cash for financial management and other general corporate purposes.”
In addition, if the company’s operations are not able to generate future cash inflows from operations sufficient to service the debt and incur the necessary capital expenditures, the company may be obligated to “Accepting one or more alternatives, such as selling Bitcoin or other assets.”
Bitcoin is the future
The company says it believes its BTC strategy is complementary to enterprise analytics.
We believe that our Bitcoin and related activities supporting the Bitcoin network increase awareness of our brand and can provide opportunities to attract new customers for our analytical offering. We are also exploring the use of Bitcoin-related technologies, such as blockchain analytics, in our software offer.
MicroStrategy confirmed yesterday that it raised $ 500 million to buy more BTC.
As of June 4, 2021, the company had approximately 92,079 BTC that had been acquired for a total consideration of $ 2.251 billion and at an average purchase price of approximately $ 24,450 for Bitcoin.