Michael Saylor's MicroStrategy plans to raise an additional $600 million with the intention of stacking more bitcoins.
MicroStrategy, the publicly-listed company that was amongst the first to put Bitcoin on its balance sheet, has now announced plans to raise another $600 million to buy more of the digital currency.
In a press release dated February 16th, MicroStrategy announced that it intends to offer a $600 million aggregate principal amount of convertible senior notes that are due 2027 in a private offering to qualified institutional investors.
Furthermore, the release adds that:
The notes will be convertible into cash, shars of MicroStrategy’s class A common stock, or a combination of cash and shares of MicroStrategy’s class A common stock, at MicroStrategy’s election.
The exciting bits come afterward where the company reveals its actual intentions. The company plans to “use the net proceeds from the sale of the notes to acquire additional bitcoins.”
This is far from the first time the company uses this maneuver to obtain more cash and buy bitcoins with it.
Back in December, CryptoPotato reported that it plans to buy another $650 million worth of BTC after a convertible note offering.
This comes as Bitcoin’s price finally broke the coveted $50K mark for the first time in history.
BTC/USD, Bitstamp. Source: TradingView
At the time of this writing, the price has retraced, and it’s currently trading around $49,000.
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn
