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With Bitcoin trading above $40,000 for the first time in weeks, the corporation may soon have more than 100,000 BTC.
MicroStrategy, a business analytics company, has concluded its $500 million issuance of secured notes and stated that the funds will be used to acquire Bitcoin.
In a Monday announcement, MicroStrategy said it had sold $500 million worth of senior secured notes in a private offering to buyers within and outside the United States. After deducting expenses, initial purchaser discounts, and commissions, the firm said the net proceeds were roughly $488 million, funds which it intends to use to buy Bitcoin (BTC).
MicroStrategy has made many significant Bitcoin purchases after announcing its first $250 million BTC acquisition in August 2020. MacroStrategy, the firm’s subsidiary, now possesses 92,079 BTC — almost $3.8 billion — at the time of publishing.
If the price of the crypto asset remains close to its present level of $40,936, the corporation may be able to acquire around 11,913 BTC. This would put its total Bitcoin holdings at more than $4.2 billion.
On June 7, MicroStrategy launched the private offering, originally stating that company wanted to “raise $400 million aggregate principal amount of senior secured notes in private offering,” but then increasing the offering to $500 million. According to reports, the corporation received more than $1.6 billion in orders for the sale, which was four times the initial amount.