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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
MicroStrategy Bitcoin

MicroStrategy Doubles Down On Bitcoin Bet: Reveals Plans To Spend $600 Million On BTC

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

MicroStrategy, the intelligence and software company known for its investment in Bitcoin, has released plans to double down on its holdings of the digital currency. Particularly, the company announced a private offering of $600 million worth of convertible senior notes due 2030 in order to stock up more Bitcoin.

On the other hand, Bitcoin’s price is experiencing an enormous climb as it moves closer and closer to reaching a new all-time high.

MicroStrategy Looking To Buy More Bitcoin

MicroStrategy is the largest public holder. The company has been a long supporter of Bitcoin, with former CEO Michael Saylor referring to the cryptocurrency as the digital synthetic successor to gold. The firm started buying Bitcoin back in August 2020 worth over $250 million and hasn’t slowed down since. Interestingly, the company held its Bitcoin assets throughout the 2022 bear market, even when other companies like Tesla were selling their holdings.

Related Reading: LUNC And USTC On The Verge Of Rally? Community Debuts Game-Changing Revival Proposal

MicroStrategy’s recent proposal indicates that it is still interested in purchasing more Bitcoin. Specifically, the company has revealed that the net proceeds from the sale of these $600 million convertible senior notes will be used to acquire additional Bitcoin.

The press release noted that “MicroStrategy also expects to grant to the initial purchasers of the notes an option to purchase, within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $90 million aggregate principal amount of the notes.”

MicroStrategy’s Bitcoin Bet Paying Off

According to disclosures, MicroStrategy now holds 193,000 bitcoins BTC acquired at an average purchase price of $31,554.00 per Bitcoin and a total cost of $6.09 billion. Interestingly, the company’s bet on Bitcoin has paid off so far, with the value of its holdings now past the $10 billion mark.

Related Reading: Crypto Expert Reveals Why A Dogecoin ETF Has A 30% Chance Of Approval

It’s been a strong few months for the world’s largest cryptocurrency as institutional investors continue to invest in Bitcoin through Spot Bitcoin ETFs. Consequently, Bitcoin has gone on a spike this year, putting the majority of holders in profit. At the time of writing, Bitcoin is trading at $66,780, up by 56% in the past 30 days. That means MicroStrategy’s Bitcoin holding is now worth $12.9 billion and is at an unrealized profit of $6.815 billion. Bitcoin is now on its way to breaking past its all-time high of $68,826. 

MicroStrategy’s bet on Bitcoin has also rubbed off positively on its stock price. Shares of MicroStrategy jumped 24% to $1,334 on Monday and are currently up by 94% since the beginning of the year. 

Bitcoin price chart from Tradingview.com (MicroStrategy)

BTC price recovers above $66,800 | Source: BTCUSD on Tradingview.com
Featured image from Tekedia, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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