MicroStrategy Plans Another BTC Purchase Nearing $500 Million

Friday 11 June 2021, 5:21 AM AEST - 1 week ago

LBN Everex Microfinance

As if MicroStrategy did not already own a ton of bitcoin, the software firm with stock shares trading for nearly $500 at the time of writing has announced it is looking to sell approximately $400 million worth of company debt so it can purchase more BTC units.

MicroStrategy Is Looking to Buy More BTC

At press time, the company owns more than $2 billion in bitcoin, making it the biggest institutional bitcoin investor in the world. In second place is Tesla, which purchased roughly $1.5 billion worth of BTC last February. However, in many ways MicroStrategy has been the biggest marketer for the worlds number one digital currency by market cap.

Things began in August of last year – approximately ten months ago – when the companys CEO Michael Saylor announced that the firm would be purchasing roughly $250 million worth of the asset. This was the first time in bitcoins short, 12-year history that a major institution was pledging support for bitcoin. In addition, it was the first time that an institution had bought so much of it.

From there, the currency took a nasty fall and dropped from around $12,000 per unit to roughly $10,000. For many other companies, they likely would have sold and cut their losses short, but MicroStrategy used the opportunity to purchase more bitcoin and add more than $100 million worth of bitcoin to its already giant stash. Thus, the company brought its overall BTC portfolio beyond the $400 mark. Since that day, MicroStrategy has engaged in regular purchases and seen its earnings grow beyond the $2 billion point, making this one of the biggest bitcoin success stories ever.

As a means of raising the money to purchase additional units, MicroStrategy announced in a statement last Monday that it was offering senior secure notes that ...

Read full story on Live Bitcoin News

Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.