MicroStrategy plans to raise $600 million to increase its holdings of Bitcoin, adding fuel to the cryptocurrency frenzy!
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MicroStrategy plans to raise $600 million to increase its Bitcoin holdings by selling convertible senior notes. The company has been purchasing Bitcoin since 2020 as a hedge against inflation and currently holds Bitcoin worth approximately $13 billion. MicroStrategy's co-founder, Michael Saylor, has become a proponent of Bitcoin, and this proposed issuance comes as Bitcoin nears its historical high. The convertible senior notes will be offered to qualified institutional buyers, with initial purchasers having the option to buy an additional $90 million in principal amount of notes within 13 days. MicroStrategy's stock price surged by 24%.
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