MicroStrategy Splurges Another $650M on Latest Bitcoin Investment
MicroStrategy is transforming itself into corporate America's boldest bitcoin bull, now owning bitcoin worth over $1.596 billion.
Dec 21, 2020 at 1:26 p.m. UTCUpdated Aug 19, 2021 at 6:15 a.m. UTC
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MicroStrategy has invested all of the proceeds of its $650 million debt issuance into 29,646 more bitcoin.
- The business intelligence firm now has 70,470 BTC worth over $1.596 billion in its treasury reserve.
- Saylor said in the tweet that MicroStrategy has spent $1.125 billion on bitcoin to date, at an average price of $15,964 per bitcoin.
- MicroStrategy held a $650 million convertible senior note sale in early December to raise funds for this allocation. Previous purchases relied on a $500 million glut in its corporate balance sheet.
- Issuing debt to buy bitcoin is a bold bet for any publicly traded company, especially for one whose business model does not even center on cryptocurrencies. CEO Michael Saylor has brushed aside all criticism nonetheless.
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