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