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    Home » Crypto News » MicroStrategy Plans to Raise Another $400M to Buy More Bitcoin

    MicroStrategy Plans to Raise Another $400M to Buy More Bitcoin

    Author: Jordan Lyanchev

    Last Updated Jun 7, 2021 @ 13:16

    Michael Saylor’s MicroStrategy plans to conduct another $400 million sale of senior secured notes to buy more bitcoins.

    Although MicroStrategy has already allocated more than $2 billion in the primary cryptocurrency, the business intelligence giant has no plans to stop buying. The firm announced plans to offer $400 million worth of senior secured notes due 2028 and to allocate the raised funds in BTC again.

    • Ever since its initial purchase worth hundreds of millions of dollars in August 2020, the NASDAQ-listed software giant has only doubled down on its BTC involvement.
    • The latest endeavor came earlier today, as the firm’s CEO, Michael Saylor, announced on Twitter.

    MicroStrategy Announces Proposed Private Offering of $400 Million of Senior Secured Notes to acquire additional #bitcoin. $MSTRhttps://t.co/ilhUt1M73j

    — Michael Saylor (@michael_saylor) June 7, 2021

    • The statement reads that the company “intends to offer, subject to market conditions and other factors, $400 million aggregate principal amount of senior secured notes due 2028 in a private offering to qualified institutional buyers.”
    • The notes will be “fully and unconditionally guaranteed on a senior secured basis, jointly and severally, by MicroStrategy Services Corporation.”
    • Furthermore, the company plans to use the net proceeds from the sale to “acquire additional bitcoins.”
    • It’s worth noting that this would not be the first similar initiative the company has taken to allocate funds in the primary cryptocurrency. Earlier this year, the firm raised $1 billion and bought BTC with it.
    • After the latest purchase completed in mid-May, MicroStrategy owns 92,079 bitcoins acquired for $2.250 billion at an average price of $24,450 per bitcoin.
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    Tags: Bitcoin Michael Saylor MicroStrategy
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    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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