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MicroStrategy To Buy More Bitcoin with Debt

MicroStrategy debt for bitcoin

Sweet on the success of its first debt offering to buy Bitcoin last year, MicroStrategy announced today that it will be raising US$600 million via a convertible notes offering with the proceeds intended for Bitcoin purchase.

The company already owns more than 72,000 Bitcoin. At today’s price, it is worth about $3.5 billion of the bellwether currency. For $600 million, MicroStrategy stands to acquire an additional 12,244 Bitcoin at US$49,000 apiece. This would bump up MicroStrategy total Bitcoin holding to about 84,244, the largest known holding of any company. Gasp.

It seems that MicroStrategy is slowly morphing itself into a cryptocurrency software and services company after announcing that it is building a platform for the Bitcoin blockchain.

MicroStrategy bets on Bitcoin paid off largely due to its early entry when Bitcoin was below US$20,000. Now, it is trying to convince other corporate CEOs to embark on the same “Bitcoin as an anti-inflation hedge tool” gospel, most recently in their World.One event.

With their stock price three times higher since last November, few would argue against Michael Saylor (MicroStrategy’s CEO) latest debt-for-Bitcoin offering.

 

 

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