MicroStrategy Raises $1 Billion to Buy Bitcoin
The software maker is the largest corporate holder of Bitcoin.
The firm bought $458 million of Bitcoin in the past week.
Tweet on Microstrategy going all in on BTC
@MicroStrategy raised over $1 billion through the sale of convertible senior notes to purchase more Bitcoin, Bloomberg reports#btc #MicroStrategy https://t.co/tmmc5pBXwD
— The_Journalbiz (@the_journalbiz) September 23, 2024
Bloomberg tweet-news
The enterprise software maker, whose corporate strategy includes buying Bitcoin, used $458 million of the proceeds to acquire the cryptocurrency between Sept. 13 and Sept. 19. MicroStrategy owns about $15.8 billion in Bitcoin, making it the largest publicly traded corporate holder of the cryptocurrency. BlackRock runs the largest Bitcoin exchange-traded fund.
MicroStrategy co-founder and Chairman Michael Saylor has turned the enterprise software company into a crypto hedge-fund proxy since first buying Bitcoin in 2020.
The convertible note sale was the fourth this year. The 0.625% securities will mature in 2028. The company is redeeming $500 million of 6.125% notes due in 2028.
- MicroStrategy held about 252,220 Bitcoin as of Sept. 19, the company said in a Securities and Exchange Commission filing Friday.
The firm’s shares have more than doubled this year, outperforming the roughly 50% jump in the price of Bitcoin during the same period.
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Source: Bloomberg
Image:Microstrategy
