MicroStrategy Seeks to Raise $500M for More Bitcoin Acquisition

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DailyCoin2024/06/13 16:10

By:DailyCoin

MicroStrategy has announced plans to acquire additional Bitcoin.
The company will raise the funds for the acquisition in a private offering.
MicroStrategy and its subsidiaries already hold over 1% of the entire BTC supply.

Michael Saylor’s business intelligence firm MicroStrategy announced Thursday plans to raise hundreds of millions to fund additional Bitcoin purchases and other initiatives.

The announcement comes after the company acquired an additional 9,245 Bitcoins between March 11 and March 18 at an average price of approximately $67,382 per BTC. Following the purchase, MicroStrategy and its subsidiary held about 214,246 bitcoins, equivalent to over 1% of the entire BTC supply.

Plans to Acquire Additional Bitcoin

In a statement dated June 13, MicroStrategy said it intends to offer $500 million in convertible senior notes due in 2032.

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“The notes will be unsecured, senior obligations of MicroStrategy and will bear interest payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2024. The notes will mature on June 15, 2032, unless earlier repurchased, redeemed or converted in accordance with their terms,” the statement read.

Per the statement, MicroStrategy intends to use the net proceeds of the sale to bolster its Bitcoin treasury with an additional BTC acquisition and to fund “general corporate purposes.”

Sponsored

The move underscores MicroStrategy’s ongoing commitment to Bitcoin despite the crypto asset’s recent choppy price movements. BTC had lost nearly 2.5% in the last 24 hours to trade at $67,684 as of press time, CoinMarketCap data shows.

Read about Michael Saylor’s run-in with the law:
DC AG: MicroStrategy’s Saylor Evaded Taxes, Bragged About It

Stay updated on Trump’s recent meeting with Bitcoin miners:
Trump Rallies Bitcoin Mining Industry Support Ahead of Election

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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