MicroStrategy Announces Plan To Buy More Bitcoin (BTC) As Top Crypto Asset Dips in Price – The Daily Hodl

Enterprise software company MicroStrategy said it plans to add more Bitcoin (BTC) to its portfolio as its flagship digital asset remains below all-time highs.

In a new press release, MicroStrategy To tell The company has issued $525 million worth of convertible debt, and will use the proceeds for general corporate purposes and to purchase more of the top market-cap crypto assets, with price levels down to near $70,000. The purpose is to

“This note is redeemable for cash, shares of MicroStrategy’s Class A common stock, or a combination of cash and MicroStrategy’s Class A common stock, upon MicroStrategy’s election…

MicroStrategy estimates that the net proceeds from the sale of the Notes will be approximately $515 million (or approximately $592.3 million if the initial purchaser fully exercises its 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. ”

At the time of writing, Bitcoin was trading at $69,921, up slightly in the past 24 hours but down 5% from its all-time high of $73,580 on March 14th. The 2024 low was set on January 23, when the crypto tycoon was trading at $39,500.

Earlier this week, MicroStrategy co-founder and long-time BTC supporter Michael Saylor announced that the company had purchased 12,000 BTC for $821.7 million using proceeds from other convertible notes and excess cash, and the token He said the cost per unit would be $68,477.

At the time, this purchase brought MicroStrategy’s total BTC total to 205,000 bits, with an average cost of $33,706.

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