MicroStrategy, the software giant and one of the leading Bitcoin proponent institutions has announced a Proposed Private offering of $600 million of Convertible Senior Notes, which the company intends to use to buy more bitcoin. Microstrategy has already bought nearly $1.6 billion in bitcoin by converting a portion of their treasury cash.
The official press briefing read,
“MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional bitcoins.”
Before its current $600 million convertible senior note offering, the software giants have done a similar offering of nearly $645 million posts which Citi bank downgraded its status. However, the downgrade did not really impact its share price, in fact, the share price has jumped by over 150% since the CITI downgrade.
MicroStrategy: The Biggest Bitcoin Institutional Buyer
MicroStrategy started buying Bitcoin back in August 2020 when the top cryptocurrency was trading just above $10,000, and since then the software giants have made several purchases to take their total Bitcoin investment to over $2 billion (including the current $600 million). The $1.57 billion purchase has already grown by over a billion within a year.
MicroStrategy would be known as the pioneer of institutional Bitcoin entry, not because they are the biggest bitcoin buyers among institutions at this point, but more importantly because they have worked tirelessly to educate other institutions and CEOs about Bitcoin’s importance as a store of value and a treasury reserve asset.
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Source: MicroStrategy Announces Proposed Private Offering of 0 Million of Convertible Senior Note to Buy More Bitcoin