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Software firm and newly branded "Bitcoin development company" MicroStrategy has announced another proposed private sale to buy up even more Bitcoin.
In a Wednesday announcement, the company said it plans to offer $500 million worth of convertible senior notes to institutional buyers, due in 2031, in order for the firm to buy additional cryptocurrency.
The company last week said it would offer a private sale of $600 million worth of convertible senior notes in order to purchase more Bitcoin.
MicroStrategy is the single largest corporate holder of Bitcoin, with 205,000 of the digital coins in its treasury—more than $15 billion at today's prices.
It first bought Bitcoin back in 2020. The company's former CEO and now-chairman Michael Saylor claims the crypto strategy is the best way to preserve wealth and get returns for shareholders.
MicroStrategy Announces Proposed Private Offering of $500 Million of Convertible Senior Notes $MSTR https://t.co/nRxijBHsgX
— Michael Saylor⚡️ (@saylor) March 13, 2024
Bitcoin is today priced at $73,220 per coin, up nearly 9% in seven days, CoinGecko data shows. It hit a new all-time high above $73,600 earlier today.
Edited by Andrew Hayward