Brace For Impact: MicroStrategy Is Planning Another $500 Million Bitcoin Purchase
2024年3月14日 - 10:00PM
NEWSBTC
American business intelligence and software development company,
MicroStrategy has unveiled new plans to acquire an additional
Bitcoin, further bolstering its already substantial BTC holdings.
MicroStrategy Mega Bitcoin Purchase In The Works In a recent press
release published on MicroStrategy’s official website, the software
development company announced plans to raise $500 million in
convertible debt offerings to purchase more Bitcoin. Just a few
days ago the company had sold approximately $800 million in
convertible debt offerings, using the proceeds of the sale to
acquire about 12,000 BTC valued at about $821.7 million at the
time. Related Reading: Shiba Inu Whales Are Accumulating
SHIB, Do They Know Something You Don’t? Quite frankly,
MicroStrategy seems to be on a full-blown Bitcoin acquisition
spree, potentially attributed to the cryptocurrency’s massive
bullish rallies recently and its surge to new all-time highs. As of
March 11, 2024, the business intelligence firm possesses a total of
205,000 BTC, worth over $15 billion based on CoinMarketCap’s
Bitcoin price of $73,411, at the time of writing. With
its latest purchase of 12,000 BTC, MicroStrategy has finally
surpassed the Bitcoin holdings of BlackRock’s Spot Bitcoin Exchange
Traded Fund (ETF). Additionally, the software development company
has secured the top position as the leading public company with the
largest Bitcoin holdings, surpassing the holdings of both Tesla and
Coinbase. As of March 2024, MicroStrategy’s market capitalization
has surged to $29.96 billion, reflecting an increase of 10.85% in
the last 24 hours. The company is also presently ranked as the
world’s 642nd most valuable company by market capitalization.
MicroStrategy Sets Sights On Convertible Senior Notes Offerings
Since the start of the year, MicroStrategy has purchased nearly
16,000 BTC. This time around the company has chosen to raise
capital through convertible senior notes, marking a shift from the
previous year when most of its funds for acquiring BTC were
generated from equity. According to Market Watch’s report,
the business intelligence firm’s stock value has also been on the
rise recently, with MSTR prices witnessing an impressive 145%
increase in a month. Related Reading: Ethereum Is Not Done:
Crypto Analyst Sets New $5,000 Target As stated in its press
release, the company intends to sell convertible senior notes to
qualified institutional buyers. MicroStrategy has revealed plans to
grant early purchasers of the notes an option to buy up to an
additional $75 million worth of the notes within 13 days after the
initial issuance. The software development firm has disclosed
that the notes will remain unsecured, with interests payable
semi-annually starting in September 2024. Additionally,
MicroStrategy will have the right to redeem the notes from March
2028 or holders can request for the company to make a repurchase,
with conversion terms determined at the offering’s prices. The
proceeds and excess funds generated from its upcoming $500 million
convertible senior notes sale will be used to expand
MicroStrategy’s Bitcoin holdings and for general corporate
purposes. BTC price falls to $72,700 | Source: BTCUSD on
Tradingview.com Featured image from The Guardian, chart from
Tradingview.com
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