Enterprise software company MicroStrategy said it plans to add more Bitcoin (BTC) to its portfolio as its flagship digital asset remains below all-time highs.
In a new press release, MicroStrategy said it will use the proceeds for general corporate purposes to purchase more of the top crypto assets by market capitalization, with price levels down to nearly $70,000,000. The company said it would issue convertible bonds worth $25 million.
“This note is redeemable for cash, shares of MicroStrategy’s Class A common stock, or a combination of cash and MicroStrategy’s Class A common stock, upon MicroStrategy’s election…
MicroStrategy estimates that the net proceeds from the sale of the Notes will be approximately $515 million (or approximately $592.3 million if the initial purchaser fully exercises its option to purchase additional Notes) .
MicroStrategy intends to use the net proceeds from the sale of the Notes to acquire additional Bitcoin and for general corporate purposes. ”
At the time of writing, Bitcoin was trading at $69,921, up slightly in the past 24 hours but down 5% from its all-time high of $73,580 on March 14th. The 2024 low was set on January 23, when the crypto tycoon was trading at $39,500.
Earlier this week, MicroStrategy co-founder and long-time BTC supporter Michael Saylor announced that the company had purchased 12,000 BTC for $821.7 million using proceeds from other convertible notes and excess cash, and the token He said the cost per unit would be $68,477.
At the time, this purchase brought MicroStrategy's total BTC total to 205,000 bits, with an average cost of $33,706.
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