MicroStrategy could hold more than $4B in Bitcoin after latest private offering and crypto purchase
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.