Institutional Bitcoin Bull MicroStrategy announced that it will issue $1.75 billion worth of bonds to buy more Bitcoin (BTC).
Revising this plan, MicroStrategy increased its planned bond issuance to $2.6 billion to buy more Bitcoin due to high demand.
The company may purchase more Bitcoin with this move.
The change was announced by MicroStrategy founder Michael Saylor.
“MicroStrategy (Nasdaq: MSTR) today announced that it has increased its offering of $2.6 billion of 0% convertible senior notes due 2029.
This offering is larger than the previously announced $1.75 billion aggregate principal amount of bond offering.
MicroStrategy intends to use the net proceeds from the offering to purchase additional Bitcoin and for general corporate purposes.”
As of 11/17/2024, MicroStrategy holds 331,200 BTC at an average price of $49,874, equivalent to approximately 16.5 billion.
New ATH Arrived!
Following the MicroStrategy news, Bitcoin renewed its ATH by exceeding $94,000.
*This is not investment advice.