Enterprise software firm MicroStrategy says it is planning on adding more Bitcoin (BTC) to its portfolio as the flagship digital asset dips below its new all-time high.
In a new press release, MicroStrategy says it’s offering $525 million worth of convertible senior notes with the intent of using the proceeds for general corporate purposes and to purchase more of the top crypto asset by market cap as it drops to near the $70,000 price level.
“The notes will be convertible into cash, shares of MicroStrategy’s class A common stock, or a combination of cash and shares of MicroStrategy’s class A common stock, at MicroStrategy’s election…
MicroStrategy estimates that the net proceeds from the sale of the notes will be approximately $515.0 million (or approximately $592.3 million if the initial purchasers exercise in full their option to purchase additional notes)…
MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional Bitcoin and for general corporate purposes.”
Bitcoin is trading for $69,921 at time of writing, a marginal increase during the last 24 hours but a 5% decrease from its new all-time high of $73,580 set on March 14th. Its 2024 low was set on January 23rd when the crypto king was moving for $39,500.
Earlier this week, MicroStrategy co-founder and longtime BTC proponent Michael Saylor said that the firm used the proceeds from other convertible notes and excess cash to purchase 12,000 BTC for $821.7 million, which comes to a cost of $68,477 per token.
At the time, the purchase brought MicroStrategy’s BTC total to 205,000 at an average cost of $33,706.
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