MicroStrategy, the Fortune 500 software giant, that is seen as the pioneer for Bitcoin adoption among institutions is taking things forward by a notch. The firm closed another $500 million security debt offering yesterday for which it received offers exceeding over a billion dollars. The firm plans to buy more Bitcoin on top of its $2.25 billion purchase. It has raised more than $2 billion via security debt offerings in the form of convertible senior notes.
The Fortune 500 company has been buying Bitcoin since August 2020 and there seems to be no stopping. Just after closing another successful security debt offering of $500 million, the company announced it will sell $1 billion of its Class A stocks over time with the intent to purchase more Bitcoin.
Michael Saylor, the CEO of the firm was among the first to recognize the true potential of Bitcoin and advocated for its use as a treasury reserve over US Dollars. Unlike Tesla and Elon Musk, Saylor has made it very clear that they have no plans of selling any of their Bitcoin.
MicroStrategy has invested so much money in Bitcoin within one year that it could easily qualify as a financial company than a software infrastructure provider. While many question the risk involved in such high investment pointing towards the price volatility of BTC, Saylor has maintained that BTC would play a central role in the company’s financial decisions.
Many have started to joke that Saylor would eventually buy half of the total supply of Bitcoin at this rate. The combined total of $1.5 billion from the sale of stocks and security debt could put the buying pressure back into the market. At present, the entire Binance Long Bitcoin trades are about $1 billion.
The crypto market has, for a while now, been pricing a potential 25 basis points…
Rowe Price has filed for its first actively managed crypto exchange-traded fund (ETF). It is…
Standard Chartered analyst Geoff Kendrick has predicted that the Bitcoin price could suffer a significant…
Crypto ownership is a topic that has been discussed across major forums globally in the…
Crypto exchange Robinhood has listed the Binance coin for spot trading for its U.S. customers.…
Bitget, a leading crypto exchange in the world, has joined forces with Google Developer Group…