MicroStrategy has become the flag bearer of Bitcoin as it continues to invest heavily in the crypto token. As the price of crypto token reaches unmatchable heights, MicroStrategy has played an essential role in bringing massive attention to crypto.
MicroStrategy announced the plan for additional procurement of $1.03 Billion worth of Bitcoin.
Additional Bitcoin for MicroStrategy
Business Intelligence behemoth MicroStrategy announced that it is completing the convertible notes offering to collect more funds for buying additional Bitcoin. The firm closed its unsecured notes offering through which its institutional clients can invest in crypto. The maturity date of the notes is February 15th, 2027. The firm earned around $1.03 Billion, which is going to use entirely for purchasing additional Bitcoin. The CEO of the firm, Michael Saylor, has been an avid supporter of Bitcoin and talks actively about the benefits of Bitcoin at various junctures. Saylor is committed to maximizing MicroStrategy’s Bitcoin holdings being a frontrunner in the industry. It is interesting to note that MicroStrategy is the first tech firm to adopt Bitcoin at such a large scale and make Cryptocurrency its primary treasury reserve asset. The firm wants to position itself as a strong player in the digital financial ecosystems.
As per Michael Saylor, Bitcoin acquisition is one of the two major strategies of MicroStrategy. Apart from growing its software business, the firm wants to acquire Bitcoin as it is going to be a dominant digital monetary network. Currently, BTC is trading around $52,000. He said that Bitcoin would eventually grow bigger than Facebook or Google.
The firm’s motto appears to be “buy as much bitcoin as possible”. Currently, the firm has around 71,039 BTC and is striving to procure more soon. The firm raised around $1,03 Billion in its debt offering and will use the funds to buy bitcoin.
As per the official announcement by the company, “MicroStrategy estimates that the net proceeds from the sale of the notes will be approximately $1.03 billion, after deducting the initial purchasers’ discounts and commissions and estimated offering expenses payable by MicroStrategy,”
MicroStrategy recently conducted a two-day virtual conference to encourage and educate corporates to adopt Bitcoin and include Cryptocurrency in their balance sheets.
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