MicroStrategy, the publicly-listed company that was among the first to put Bitcoin on its balance sheet, has now revealed strategies to raise another $600 million to buy more of the digital currency.
- In a news release dated February 16th, MicroStrategy revealed that it intends to use a $600 million aggregate principal quantity of convertible senior notes that are due 2027 in a private offering to qualified institutional investors.
- Additionally, the release adds that:
The notes will be convertible into cash, shars of MicroStrategy’s class A common stock, or a combination of money and shares of MicroStrategy’s class A typical stock, at MicroStrategy’s election.
- The amazing bits come later where the company exposes its actual objectives. The business plans to “utilize the net proceeds from the sale of the notes to get extra bitcoins.”
- This is far from the very first time the company utilizes this maneuver to get more money and purchase bitcoins with it.
- Back in December, CryptoPotato reported that it plans to buy another $650 million worth of BTC after a convertible note offering.
- This comes as Bitcoin’s cost finally broke the sought after $50K mark for the first time in history.
- BTC/USD, Bitstamp. Source: TradingView At the time of this writing, the price has actually backtracked, and it’s presently trading around $49,000.