MicroStrategy’s upsized $700,000 notes sale could thrust Bitcoin to $100,000
The crypto market is ablaze with excitement with the price of Bitcoin recently seeing a tremendous upsurge, hinting at a potential climb to unprecedented levels soon. Over the last seven days, BTC has demonstrated a vigorous uptrend, surging to a new lifetime high above $69,000.
Adding to the bullish momentum, MicroStrategy, the business intelligence company best known for its relentless commitment to stockpiling the benchmark crypto has raised its convertible debt offering to $700 million from $600 million as part of a move to acquire more BTC and boost its cache even further.
MicroStrategy announced on March 5 that it plans to offer a private sale of $600 million worth of convertible senior notes, with intentions of using the funds to acquire more Bitcoin (BTC) and for its corporate expenses. However, MicroStrategy has since upsized its convertible debt offering by $100 million.
MicroStrategy’s gargantuan Bitcoin portfolio is currently valued at over $13 billion. The Michael Saylor-founded company is the largest corporate holder of BTC, with 193,000 BTC on its balance sheet. Notably, MicroStrategy bought an additional 3,000 Bitcoins in late February for $155 million, just before the recent 20% BTC rally.
MicroStrategy first started purchasing BTC in earnest in August 2020, led by outspoken Bitcoin crusader Michael Saylor. The company has already previously used equity sales to finance nine-figure BTC purchases in the past.
With an average purchase price of $31,550, MicroStrategy is currently sitting on over $6 billion in unrealized profits on its Bitcoin bet.
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