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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

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.

 

@thejournalbiz.com
Source: Bloomberg
Image:Microstrategy