MicroStrategy Increases Its Debt-for-Bitcoin Offering to $500 Million
MicroStrategy has boosted its bond deal to a whopping $500 million.
As reported by U.Today, the Michael Saylor-helmed business intelligence firm announced that it would offer $400 million worth of senior secured notes on June 7.
It is raising debt to acquire more Bitcoin, orchestrating a so-called "speculative attack" on the U.S. dollar.
At the same time, MicroStrategy is also expecting to log a mammoth impairment loss of $284.5 million.
The largest cryptocurrency is currently trading at $32,219 after plunging to its lowest level since May 19.
The MicroStrategy stock is also down 7.3 percent today, reflecting the relentless cryptocurrency sell-off
The company currently has 92,079 BTC (roughly $2.9 billion) in its coffers.