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Bitcoin to Soar as MicroStrategy Dumps $800 Million to Buy The Dip

Published by
Qadir AK

MicroStrategy Inc. (NASDAQ: MSTR) has announced the completion of its $800 million offering of 2.25 percent convertible senior notes, aiming to acquire more Bitcoin (BTC) at discounted prices. The company plans to use these funds primarily for purchasing additional Bitcoins.

Here’s all you need to know.

A Bold Investment Strategy

MicroStrategy Inc. (NASDAQ: MSTR) has announced the completion of its $800 million offering of 2.25 percent convertible senior notes, aiming to acquire more Bitcoin (BTC) at discounted prices. The company plans to use these funds primarily for purchasing additional Bitcoins.

With this acquisition, MicroStrategy now owns about 226,331 Bitcoins, valued at roughly $15 billion given the current BTC price of $66,000.

“MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional bitcoin and for general corporate purposes,”

Microstrategy

Shrinking Bitcoin Supply and Increased Demand

Despite selling pressure from miners, the Bitcoin supply on cryptocurrency exchanges has been steadily decreasing. Institutional investors, driven by high inflation in fiat currencies and a bullish macroeconomic outlook, have sustained Bitcoin’s price above $65,000.

Market Dynamics

The notable Bitcoin acquisition by MicroStrategy outstrips the $152 million net cash outflows from the US-based spot Bitcoin ETFs on Wednesday. As a result, the overall Bitcoin fundamentals have improved amid the recent crypto correction, which had pushed Bitcoin below $65k.

If Bitcoin’s price continues to show bullish sentiment in the coming days, the flagship coin could reclaim the $67k support level and rally toward its all-time high.

Also Read: Market Sentiments Remain Strong But Bitcoin (BTC) Price Rally is Poised for a 5% Drop in the Next 48 Hours!

Will MicroStrategy’s bold move spark another Bitcoin bull run? Only time will tell.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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