With the price of Bitcoin moving above $40,000 for the first time in weeks, the company could soon hold more than 100,000 BTC.
Business intelligence company MicroStrategy has completed its $500 million offering of secured notes, and said it plans to use the proceeds to purchase Bitcoin.
In a Monday announcement, MicroStrategy said it had sold $500 million worth of senior secured notes in a private offering to buyers within and outside the United States. After deducting expenses, initial purchaser discounts, and commissions, the firm said the net proceeds were roughly $488 million, funds which it intends to use to buy Bitcoin (BTC).
Since announcing its first $250 million BTC purchase in August 2020, MicroStrategy has made several major Bitcoin buys. At the time of publication, the firm’s subsidiary, MacroStrategy, currently holds 92,079 BTC — roughly $3.8 billion.
Should the price of the crypto asset stay near its current price of $40,936, the company may be able to purchase roughly 11,913 BTC. This would mean its total Bitcoin holdings would be worth more than $4.2 billion.
Related: MicroStrategy stock slides after announcing new $400M debt raise to buy Bitcoin
MicroStrategy announced the private offering on June 7, initially saying it intended “to raise $400 million aggregate principal amount of senior secured notes in private offering,” later saying it would increase the offering to $500 million. The company reportedly saw more than $1.6 billion worth of orders for the offering — four times the initial amount.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments