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MicroStrategy Successfully Raises $500 Million to Buy More Bitcoins 

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Home page ” BITCOIN NEWS » MicroStrategy Successfully Raises $500 Million to Buy More Bitcoins

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Software company MicroStrategy has announced the completion of a $500 million plan to buy more Bitcoin.

MicroStrategy Successfully Raises $500 Million to Buy More Bitcoins

MicroStrategy Successfully Raises $500 Million to Buy More Bitcoins

Microstrategy, an enterprise operating in the field of business intelligence (BI), mobile software and cloud-based services, on June 8 announced the offering of 500 million worth of bonds. USD and the proceeds will be used to buy the digital currency bitcoin.

Microstrategy has been buying bitcoin steadily over the last year after making its first investment in August 2021 as the digital currency rose in value. Since then, Microstrategy has made many bitcoin deliveries.

Microstrategy said the offering of premium guaranteed bonds with an annual yield of 6.125% is scheduled to close on June 14.

MicroStrategy moved quickly with their recent fundraising plan to raise money to buy more bitcoins. Donations totaled about $488 million after costs and commissions.

Shortly after announcing its plan to sell $400 million in premium secured bonds that matured in 2028 at an annual yield of 6.125%, Mocrostrategy quickly raised that total to $500 million. 2 days due to the huge amount of profit earned.

According to Business Insider, this deal has received more than 1.5 billion USD in orders with many orders coming from large hedge funds. Clearly, despite the recent price drop, major investors are still trying to buy more crypto as the notes have flown off the shelves.

Purchased notes are “fully and unconditionally guaranteed on a premium secured basis, collectively and individually,” according to MicroStrategy’s release.

The sale of MicroStrategy’s premium secured notes will allow the company, led by Bitcoin investor Michael Saylor, to buy more BTC after the price of Bitcoin drops below $35,000.

MicroStrategy successfully raised $500 million to buy more Bitcoins and Bitcoin have a long-term investment plan in Bitcoin

MicroStrategy has ramped up bitcoin spending so far in 2021, raking in 20,857 BTC in the first quarter of the year at an average price of $52,087. The Virginia-based company currently owns about $3.5 billion in bitcoin. The next $500 million outlay is in line with the plan for MicroStrategy that CEO Michael Saylor outlined.

That plan is to buy and hold bitcoin to create additional value for their shareholders. The company invested in bitcoin for the first time in 2020, and the price has since increased by more than 400%.

If MicroStrategy chooses to buy it immediately, at its current price of $40,955, the company will be able to purchase an additional 11,903 units. With current holdings of 92,079, this would bring MicroStrategy’s total bitcoins to around 104,000.

Currently, this is the company that holds the largest amount of Bitcoin in the world, and surely every move from buying or selling a part of Bitcoin owned by MicroStrategy also causes certain fluctuations to the market.

Officially entering the cryptocurrency market in 2020, the company MicroStrategy has made a series of moves to buy BTC in large quantities. On August 11, 2020, MicroStrategy confirmed it had purchased 21,454 BTC for $250 million. At this point, the average value of each BTC bought is about $11.6k.

Since then, the company has rapidly increased the number of Bitcoins it owns. On February 24, 2021, this company went on to buy 19452 BTC in the amount of 1 billion USD at a price of about 52,000 USD.

With absolute confidence in Bitcoin’s potential, Michael Saylor, CEO of MicroStrategy, said that the company’s focus right now is on continuing to grow its business analytics software business as well as acquiring more Bitcoin. with the expectation that the price of this cryptocurrency will continue to increase in the long term.

Shares in MicroStrategy are on the rise, up 12.57% in the past 24 hours. Its current market cap hovers around $5.68 billion, with about $3.5 billion of that being in bitcoin.

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