Recently, business intelligence software firm MicroStrategy announced the issuance of new convertible notes to raise $1.7 billion. With these funds, the company is preparing to purchase a larger amount of Bitcoin for its balance sheets. A few hours ago, it was learned that the company increased the collection amount.
According to a statement, the notes will mature in 2029 and are accompanied by offers for buyers. Meanwhile, the amount rises from $1.7 billion to $2.6 billion dollars, as the company published in the aforementioned statement. As expected, this increase in collection also aims to continue the purchase of BTC.
It is important to note that this company is known worldwide for its relationship with Bitcoin. The role of its founder and CEO, Michael Saylor, in the spread of Bitcoin in the corporate world is enormous. In fact, Saylor is generally rated as one of the biggest “Bitcoin evangelists” in the world.
Recently, MicroStrategy announced the injection of $4.6 billion to buy more BTC. With this purchase of 51,780 coins, the company’s total possession amounts to 331,200 bitcoins on its balance sheets. According to Saylor himself, his company’s BTC purchase strategy is just beginning.
MicroStrategy plans to buy Bitcoin in large quantities in 2025
The rise in Bitcoin price during 2024 is not a deterrent to MicroStrategy’s strategy of purchasing more coins. The firm’s philosophy implies that no matter the price of BTC, at any time in history when it is purchased, it will be a cheap purchase.
In that sense, the firm recently announced an ambitious aggressive purchasing plan for the next 3 years. The so-called 21/21 Plan contemplates the raising of $42 billion dollars to buy bitcoins between 2025 and 2027. Thus, about $21 billion will be raised through the issuance of notes like the recent ones and the other $21 billion through a special sale of shares. .
The ambitious plan was recently announced during the company’s third-quarter results presentation. Meanwhile, MicroStrategy’s strategy based on the largest Cryptocurrency became one of great successes. Despite this, some analysts warn of risks associated with the typical volatility of the crypto market.
Furthermore, the company’s shares become a crypto exposure asset and not investments related to the firm’s original business. Either way, according to Saylor, all of this translates into strengths rather than risks. The businessman is convinced that Bitcoin is the best asset in the world and hence his aggressive bet.
At the time of writing, MSTR stock continues to rise and is trading for $485. Their performance covers +670% so far in 2024, according to Yahoo Finance.
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