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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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Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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