MicroStrategy Plans $500 Million Bitcoin Purchase Amid Bullish Sentiment
MicroStrategy, under the guidance of Michael Saylor, has disclosed its aim to gather $500 million through a private placement of convertible senior notes maturing in 2032.
UPDATE: MicroStrategy’s convertible senior notes sale reached $700 million – up $200 million from the initial prediction.
The uses of the money will include the formation of a stronger Bitcoin portfolio, which also reflects the company’s optimistic stance on this digital asset.
According to MicroStrategy’s disclosure on May 1, 2024, the company’s Bitcoin holdings consist of about 214.4K BTC, and the average cost of acquisition was $35,158, which makes the total cost $7.5 billion.
Michael Saylor, a firm believer in BTC for the long haul, has unfailingly increased MicroStrategy’s BTC stash.
Lately, MicroStrategy, one of the biggest Bitcoin holders, bought 9,245 BTC using as much as $623 mln in March. This development caused a ripple in the market, thus causing the demand and BTC to price to go up.
READ MORE: Trump Holds Talks with Bitcoin Miners, Backs Crypto Sector
Bitcoin, according to Coincodex catalogs, has the foundations of a potential rally. The forecast explores the possibility of touching new altitudes by early 2024 and through the year. It is expected that it can go either way, upside or downside, from the current price.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
